Disney has been an embattled company for the last few years, but that doesn't seem to have affected its financial performance all that much. According to the latest earnings report for Q1 2024, the House of Mouse has shattered earnings expectations, a victory that can no doubt be attributed, at least in part, to the recent austerity measures it has employed.
Under the stewardship of CEO Bob Iger, Disney reported a net income of $2.15 billion for Q1 2024, up a staggering 58% from the previous year. This financial crescendo has certainly come at a pivotal moment, as Iger seeks to sway investors back to his side, proving that his return was the much-needed solution for the company's mounting troubles.
Financial analysts had pegged Disney's total revenue for the last quarter at $23.7 billion, a number the company narrowly failed to achieve, as it closed with a total revenue of $23.5 billion. Still, Disney came out on top in the forecasted 99 cents a share, instead waltzing in at $1.22 a share.
One of the greatest contributors to Disney's financial results is the direct-to-consumer division. The sector, a trifecta of streaming powerhouses comprising Disney+, Hulu, and ESPN+, reported an operating loss of $216 million. While this might seem like a pretty penny at first glance, it's a massive improvement from the $1 billion loss reported in the same quarter last year.