Walt Disney Co. reported a massive jump in net income for its fiscal second quarter, lifted by the performance of its media networks, movie studio and theme parks.
The Burbank company posted net income of $1.51 billion for the quarter that ended March 30, up 32% from a year earlier. Revenue rose 10% to $10.55 billion.
Disney, the world's largest entertainment and media company, posted adjusted earnings per share of 79 cents, up from 58 cents a year earlier. The company beat the expectations of analysts who predicted earnings per share of 77 cents.
“With adjusted earnings per share up 36% over last year, we're obviously pleased with our second quarter,” Robert A. Iger, chairman and chief executive of Disney, said in a statement. “Our results reflect our successful strategy, the strength of our brands and the value of our high-quality creative content, all of which continue to drive long-term growth and shareholder value."
-- Daniel Miller, Los Angeles Times