Disney reported quarterly net income of $162 million, or 9 cents a share, on sales of $20.15 billion, down from $18.53 billion a year ago. Despite record sales and the best revenue growth in more than 25 years, the miss on quarterly earnings hurt $DIS:
Walt Disney Co. wrapped up its fiscal year with record sales and its best revenue growth in more than 25 years, but a miss on earnings and revenue for the fourth quarter hurt the stock late Tuesday.
For the full fiscal year, Disney reported record sales of $82.72 billion, more than 22% higher than the previous year, the strongest annual sales growth for Disney since the 1996 fiscal year, according to FactSet records. Profit grew to $3.19 billion from $2.02 billion the year before, but is nowhere close to prepandemic Disney earnings, which hit eight figures in both 2019 and 2018.
“The rapid growth of Disney+ in just three years since launch is a direct result of our strategic decision to invest heavily in creating incredible content and rolling out the service internationally, and we expect our DTC operating losses to narrow going forward and that Disney+ will still achieve profitability in fiscal 2024, assuming we do not see a meaningful shift in the economic climate,” Disney Chief Executive Bob Chapek said in a statement announcing the results.
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