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Disney announced better-than-expected first-quarter profits, with net profit reaching US$1.91 billion and earnings per share of US$1.22, exceeding Wall Street expectations and indicating optimism for full-year profits.
While quarterly revenue was flat at $23.5 billion, cost cuts are expected to boost full-year profit by at least 20% to about $4.60 a share, above market expectations. The move could help fend off a challenge from activist investor Trian Fund Management.
Disney plans to increase its dividend by 50% and repurchase US$3 billion in stock. The company’s stock price rose 8.7% after hours, hitting its highest level in nearly a year.
(Source: enanyang Image source: unsplash)
