By Colin Kellaher
Disney posted fiscal second-quarter profits that topped Wall Street's expectations and raised its full-year earnings guidance.
Disney on Tuesday reported an adjusted profit of $1.21 a share for the quarter ended March 30, up from 93 cents a share a year earlier and well ahead of the $1.10 a share that analysts polled by FactSet, on average, were expecting.
After booking more than $2 billion in charges due to goodwill impairments related to Star India and its entertainment linear networks, the Burbank, Calif., company reported a loss of one cent a share for the quarter.
Revenue rose 1% to $22.08 billion, just shy of the $22.12 billion that Wall Street had penciled it.
As a result of the adjusted earnings beat, Disney said it is now targeting adjusted per-share earnings growth of 25% for fiscal 2024, up from a prior target of at least 20%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
05-07-24 0645ET