Walt Disney Co’s adjusted second-quarter net income declined as higher revenue from its parks was not enough to offset lower theatrical revenue.
However, the entertainment giant’s results still beat analysts’ expectations.
The lower theater revenue in the quarter that ended March 30 was due to tough comparisons from a year earlier, when the company released Black Panther and Star Wars: The Last Jedi. During the same period this year Disney released Captain Marvel.
Photo: AP
The quarter closed just ahead of the release of the Marvel movie Avengers: Endgame last month. That movie has become one of the most successful movies of all time.
Net income for the quarter ended March 30 jumped 85 percent to US$5.34 billion, or US$3.55 per share. Its bottom line got a big boost from a non-cash gain from its acquisition of controlling interest in streaming service Hulu.
Adjusting for that and other one-time items, Disney’s quarterly net income came to US$1.61 per share, down from US$1.84 a share a year earlier.
The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of US$1.59 per share.
Revenue edged up 3 percent to US$14.92 billion.
According to FactSet, analysts had expected US$14.56 billion.
Disney, which is based in Burbank, California, closed on its US$71 billion acquisition of 21st Century Fox Inc’s entertainment assets during the quarter. It is using Fox assets, including The Simpsons, National Geographic and other properties to help launch its streaming service Disney Plus in November.
Avengers: Endgame is slated to hit the service in December.
Its upcoming theatrical releases over the course of this year include live-action versions of Aladdin and The Lion King, as well as Maleficent: Mistress of Evil, Toy Story 4, Frozen 2 and Star Wars: The Rise of Skywalker.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan is open to joining a global liquefied natural gas (LNG) program if one is created, but on the condition that countries provide delivery even in a scenario where there is a conflict with China, an energy department official said yesterday. While Taiwan’s priority is to have enough LNG at home, the nation is open to exploring potential strategic reserves in other countries such as Japan or South Korea, Energy Administration Deputy Director-General Chen Chung-hsien (陳崇憲) said. While the LNG market does not have a global reserve for emergencies like that of oil, the concept has been raised a few times —
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
RSS