The Walt Disney Company (NYSE: DIS) on Wednesday reported an increase in first-quarter adjusted earnings. The results also topped expectations.
The Burbank-headquartered entertainment behemoth said adjusted profit increased to $1.22 per share in the December quarter from $0.99 per share a year earlier. Earnings also exceeded estimates. On a reported basis, net income was $1.91 billion or $1.04 per share in Q1, compared to $1.28 billion or $0.70 per share in the prior year period.
Meanwhile, first-quarter revenues remained broadly unchanged at $23.5 billion, compared to the corresponding period of 2023.
“Our strong performance this past quarter demonstrates we have turned the corner and entered a new era for our company, focused on fortifying ESPN for the future, building streaming into a profitable growth business, reinvigorating our film studios, and turbocharging growth in our parks and experiences,” said Robert Iger, CEO of Walt Disney.