KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Disney's Q3 Earnings: Revenue and EPS Beat Expectations, Streaming Business Turns Profitable, Strong ESPN Revenue Boost
Key Highlights:
- Revenue Growth: Walt Disney Co (NYSE) reported fiscal third-quarter 2024 revenue growth of 4% year-over-year to $23.16 billion, slightly surpassing the analyst consensus estimate of $23.11 billion.
- Earnings Per Share (EPS): Adjusted EPS of $1.39 beat the analyst consensus estimate of $1.20.
Segment Performance:
- Entertainment: Revenue increased by 4% year-over-year to $10.58 billion, driven by subscription revenue growth from price increases and customer growth for Disney+ Core.
- Sports: Revenue grew 5% year-over-year to $4.56 billion.
- Experiences: Revenue climbed 2% year-over-year to $8.39 billion.
Entertainment Breakdown:
- Linear Networks: Revenue declined by 7% year-over-year to $2.66 billion.
- Direct-to-Consumer (DTC): Revenue increased by 15% year-over-year to $5.81 billion.
- Content Sales/Licensing and Other: Revenue declined by 4% year-over-year to $2.11 billion.
Operating Income:
- Consolidated operating income grew by 19% year-over-year to $4.23 billion, led by positive results in Disney's entertainment unit, particularly streaming.
Streaming Business:
- Disney's combined streaming business, including Disney+, Hulu, and ESPN+, turned a profit for the first time, a quarter earlier than expected.
- The streaming unit posted an operating profit of $47 million, a significant improvement from a loss of $512 million in the same quarter last year.
- Excluding ESPN+, the direct-to-consumer streaming division reported a loss of $19 million.
- Revenue for traditional TV networks declined by 7%.
ESPN Performance:
- ESPN's domestic and international business, excluding Star India revenue, saw a 5% revenue increase.
- Domestic advertising revenue rose by 17%, and subscription revenue also increased.
- ESPN's total revenue rose 5% year-over-year to $4.28 billion, with operating income climbing 4% to $1.09 billion.
Parks and Experiences:
- Revenue from U.S. parks and experiences increased by 3% year-over-year to $5.82 billion.
- International sales climbed 5% year-over-year to $1.60 billion.
Outlook:
- Disney expects fiscal 2024 adjusted EPS growth target of 30%, up from a prior target of 25%, compared to the $4.77 consensus estimate.
- The company anticipates modest growth in Disney+ Core subscribers and expects the combined streaming businesses to become more profitable in Q4, with both Entertainment DTC and ESPN+ expected to be profitable.
Stock Performance:
- DIS stock was trading lower by 0.86% at $89.20 in premarket trading at the last check on Wednesday.
Disney's Q3 earnings report highlights the company's strong performance across various segments, particularly in streaming and sports, signaling a positive outlook despite some challenges in traditional TV networks.
Comments
Post a Comment