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NEW YORK โ Disneyโs adjusted second-quarter net income declined as higher revenue from its parks was not enough to offset lower theatrical revenue.
However, the entertainment giantโs results still beat Wall Street expectations.
The lower theater revenue in the quarter that ended March 30 was due to tough comparisons from a year ago, when the company released โBlack Pantherโ and โStar Wars: The Last Jedi.โ During the same period this year Disney released โCaptain Marvel.โ
The quarter closed just ahead of the release of the Marvel movie โAvengers: Endgameโ in April. That movie had become one of the most successful movies of all time.
Net income for the quarter ended March 30 jumped 85% to $5.34 billion, or $3.55 per share. The companyโs bottom line got a big boost from a non-cash gain from its acquisition of controlling interest in streaming service Hulu.
Revenue Edged up 3% to $14.92 Billion
Adjusting for that and other one-time items, Disneyโs quarterly net income came to $1.61 per share, down from $1.84 a share a year ago. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share in the latest quarter.
Revenue edged up 3% to $14.92 billion. According to FactSet, analysts had expected $14.56 billion.
Disney, which is based in Burbank, California, closed on its $71 billion acquisition of Foxโs entertainment assets during the quarter. It is using Fox assets, including โThe Simpson,โ โNational Geographicโ and other properties to help launch its streaming service Disney Plus in November. โAvengers: Endgameโ is slated to hit the service in December.
Its upcoming theatrical releases over the course of 2019 include live action versions of โAladdin,โ and โThe Lion King,โ as well as โMaleficent: Mistress of Evil,โ โToy Story 4,โ โFrozen 2โณ and โStar Wars: The Rise of Skywalker.โ
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