Disney Finally Has a Magical Quarter
One of the more obvious post-pandemic reopening plays -- entertainment giant Walt Disney (NYSE: DIS) -- is finally starting to show signs of life. The media mogul posted better-than-expected financial results shortly after Thursday's market close. Disney also managed to pepper its performance with some encouraging developments.
We may as well start with the top- and bottom-line results. Revenue soared 45% to top $17 billion, ahead of the 43% year-over-year surge that analysts were targeting. It's a big jump, but it's all relative. Keep in mind that Disney theme parks and cruise ships as well as all U.S. movie theaters were closed for the entirety of the fiscal third quarter a year ago. We have to go back another year to the $20.3 billion it served up in fiscal 2019 to get the more accurate snapshot, and a 16% decline over the past two years doesn't seem like a bad trade for a company with a lot of runway left in the global economic recovery process.
Disney's adjusted earnings of $0.80 a share also blew past the $0.56 a share that Wall Street pros were forecasting. It was the beat that Disney needed, but the good news didn't stop there.
Source Fool.com
