Walt Disney Company Beats Second Quarter Earnings Expectations

Walt Disney Company Chief Executive Officer Bob Iger held his quarterly earnings call today and, while some areas faltered and results were mixed, the company beat profit expectations. Profits for the second fiscal quarter were $1.50 a share, above the predicted $1.41 per share, and revenue was $13.36 billion, slightly below the anticipated $13.45 billion. Both attendance and revenue was up at the theme parks with revenue of $4.3 billion, up 9 percent from the previous year. The film studio also exceeded expectations with revenue of $2.03 billion, slightly higher than the predicted $1.99 billion. The news wasn't quite as good with the Disney cable media outlets, which just cut 100 on-air jobs at ESPN. Revenue was $5.95 billion, lower that the anticipated $5.99 billion. The broadcast division, however, showed an increase in revenue of 3 percent. There was an 11 percent drop in revenue for consumer products and interactive media with revenue of $1.06 billion. Iger spoke briefly about the process of finding his replacement and assured investors that there would be a "smooth transition" when his contract expires on July 2, 2019. Iger also dismissed speculation of a presidential run.   Source: The Hollywood Reporter  

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