(Reuters) - Walt Disney Co unveiled strong results that trumped Wall Street's expectations as advertisers spent more at cable networks like ESPN and consumers kept going to theme parksdespite a rough economy.
The operator of networks ESPN and ABC, a movie studio and theme parks reported a better-than-expected 7 percent gain in fiscal fourth-quarter revenue and a 30 percent jump in net income, spurring a 2.5 percent gain in its shares.
The results reassured investors, some of whom had been nervous about the toll that economic uncertainty would have on consumer spending, and then on the world's largest entertainment, leisure and consumer conglomerate.
Disney has produced steady gains quarter after quarter under Chief Executive Bob Iger, who announced last month he will step down as CEO after March 2015. But it reported a rare revenue miss in its May results, and spooked investors again last quarter with warnings about higher costs at ESPN and other issues. Read Full Story
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