Disney once again beat Wall Street expectations
Disney reported revenue of $19.2 billion and income of $3.7 billion, with earnings per share of $1.08. Wall Street expectations were for revenue of $20.1 billion, operating income of $3.3 billion, and EPS of $1.17. The EPS miss could be due to a change in tax regulations, which saw the company’s effective tax rate balloon from 8.8 percent a year ago to 45.8 percent last quarter.
Disney’s parks, experiences and consumer products division, meanwhile, had revenue of $6.6 billion, up more than 100 percent from a year ago, when COVID-19 impacts were still being widely felt around the globe. But Disney is bullish, with an ad-supported tier of Disney+ on the horizon, and a full slate of shows expected to allow the company to raise prices on its ad-free tier, even as it adds less-expensive ad-backed options.
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