The Walt Disney Company (NYSE: DIS) stock surged more than 11% on Thursday after the entertainment company posted better-than-expected earnings for the fiscal first quarter of 2024.
The latest quarterly earnings report from Disney (DIS) revealed adjusted earnings per share of $1.22, beating Wall Street’s estimate of 99 cents per share. However, the revenue fell slightly short of analysts’ expectations, totaling $23.5 billion compared to the anticipated $23.8 billion.
Disney also shared its outlook for the year 2024. The company expects adjusted EPS for the year to be $4.60 per share, which looks promising compared to Wall Street’s estimate of $4.28 per share.
Disney CEO Bob Iger said the following in the earnings report:
“Our strong performance this past quarter demonstrates we have turned the corner and entered a new era for our company, focused on fortifying ESPN for the future, building streaming into a profitable growth business, reinvigorating our film studios, and turbocharging growth in our parks and experiences.”
Analysts Upgrade DIS Stock
Needham analysts upgraded Disney stock following the positive earnings report, shifting their rating from “hold” to “buy” and proclaiming, “The Magic’s Back.”
Disney (NYSE: DIS) Stock Movement
DIS stock jumped 11.50% to close at $110.54 on Thursday. The traders had exchanged hands with 60,442,252 (60.44 million) shares compared to the average daily trading volume of 13.16 million.
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