The Walt Disney Company has reported its quarterly earnings for their first fiscal quarter ending December 30, 2017.
The Walt Disney Company Chairman and CEO, Robert A. Iger said, “The strategic investments we’ve made have driven meaningful growth over the long term, and we remain confident in our ability to continue to deliver significant shareholder value. We’re excited about what lies ahead, with a robust film slate, the launch of our ESPN direct-to-consumer business, new investments in our theme parks, and our pending acquisition of Twenty-First Century Fox.”
When comparing the first quarter of this year to that of 2016, there was a 4% increase in revenues going from $14.78 billion in 2016 to $15.35 billion in 2017. There was a 1% increase in operating income going from $3.95 billion from last year’s fourth quarter to $3.98 billion this year.
There was a 1% increase in revenues for the quarter for Cable Networks reaching $4.5 billion. There was a 1% decrease in operating income landing at $0.9 billion.
Unfortunately, the company suffered a loss at BAMtech and a decline at ESPN. Lower advertising revenue was the reason for the decrease at ESPN. This was partially offset by affiliate revenue growth and lower programming costs.
The Disney Channels and Freeform did well this year due to lower marketing costs and a rise in affiliate sales.
Disney Parks and Resorts welcomed a 13% increase for the quarter at $5.2 billion and a 21% increase for segment operating income at $1.3 billion.
Studio Entertainment remained flat at $2.5 billion and there was a 2% decrease in for the segment operating income at $829 million.
There was a 2% decrease in revenues for Consumer Products & Interactive Media at $1.5 billion and a 4% decrease in segment operating income at $617 million. Lower operating income was due to decreases in merchandise licensing and retail businesses.
The $55 million allocated to the one-time bonuses for Disney employees will be in the next quarterly report.
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