Disney beats estimates as combined streaming services turn a profit

Category: Business

Disney's fiscal third-quarter earnings exceeded analyst expectations, with a 19% increase in total segment operating income to $4.225 billion. The company's combined streaming businesses, including Disney+, Hulu, and ESPN+, turned a profit of $47 million, marking a significant turnaround from a $512 million loss in the same quarter last year. However, the direct-to-consumer streaming unit, excluding ESPN+, reported a loss of $19 million.

Keywords: Disney, Streaming Profitability, Fiscal Earnings

Source: CNBC

Update At: 8/7/2024

Related Sources

Former Rockwell Collins CEO named new CEO of troubled aircraft manufacturer Boeing

Boeing reported a loss of over $1.4 billion in Q2, with revenue down 15% year-over-year. Robert 'Kelly' Ortberg will take over as CEO amid ongoing challenges, including fraud allegations related to the Max crashes and increased regulatory scrutiny. The company is also facing supply-chain issues and is working on new aircraft models.

KCRG

Will Boeing Stock Take Off On Q2 Earnings — Or Remain Grounded? What Investors Should Know Before The Report - Boeing (NYSE:BA)

Boeing Co is set to report its second-quarter earnings, with analysts expecting a loss of $1.76 per share and revenue of $17.266 billion. The company has faced scrutiny following flight incidents and CEO Dave Calhoun's impending resignation. Despite challenges, Boeing reported 70 737 deliveries in the quarter and analysts anticipate improved production rates moving forward.

Benzinga

Boeing taps Kelly Ortberg as new CEO, reports wider-than-expected Q2 loss and revenue miss

Boeing appointed Kelly Ortberg as its new president and CEO, replacing Dave Calhoun, amid a challenging financial landscape marked by a wider-than-expected second quarter loss and significant revenue decline. The company reported a core operating loss of $1.392 billion and a negative free cash flow of $8.256 billion for the first half of the year. Deliveries of commercial jets fell by 32%, and Boeing's stock has dropped over 25% this year. The company is also facing legal challenges related to past safety issues.

Yahoo Finance

Meta shares pop on revenue and earnings beat, better-than-expected forecast

Meta Platforms Inc. reported a strong second quarter with a 22% revenue growth, beating Wall Street estimates. The company anticipates third-quarter revenue between $38.5 billion and $41 billion. Net income surged 73% to $13.47 billion. Meta continues to gain market share in digital advertising, with a significant focus on AI and metaverse technologies. The company has also implemented cost-cutting measures, resulting in a reduced workforce and increased operating income.

CNBC

Meta Earnings Deliver: Stock Jumps As Profits Soar 73%

Meta's Q2 profits surged by 73%, driven by strong advertising revenue, despite a $4.5 billion loss in its Reality Labs division. The company reported $39.1 billion in revenue, exceeding forecasts, and expects continued growth in Q3. Meta's stock has rebounded significantly since last year, reflecting improved profitability and the introduction of quarterly dividends.

Forbes

Meta stock is rising because its AI money pit isn't so deep

Meta's second-quarter revenue reached $39 billion, surpassing expectations. The company spent $8.4 billion on capital expenditures, less than the anticipated $9.2 billion, while its Reality Labs division reported a loss of $4.48 billion. CEO Mark Zuckerberg expressed confidence in Meta AI's growth, predicting it will become the most used AI assistant by year-end. Despite concerns over rising AI costs, Zuckerberg believes investments will yield results soon, although regulatory challenges have impacted some AI tool releases.

Quartz

Meta earnings recap: Stock climbs as advertising drives revenue beat, while Zuckerberg doubles down on AI spending

Meta expects a significant increase in headcount by the end of the year, focusing on AI investments despite a long monetization timeline. The company anticipates higher capital expenditures and aims to enhance its advertising performance, particularly with the upcoming presidential election and potential TikTok ban boosting ad revenue.

Business Insider

Meta Stock Price Gains on AI-Fueled Earnings

Meta reported a 22% revenue increase to $39.1 billion in Q2, driven by strong digital advertising demand despite slowing user growth. The company is investing heavily in AI infrastructure, with expectations of significant growth in 2025. Operating margins improved to 38%, and free cash flow rose nearly 20% to $13.2 billion. CEO Mark Zuckerberg highlighted AI opportunities, particularly in customer service and integration with products like Ray-Ban glasses.

Morningstar.com

Bar owner says minimum wage ruling will cost customers, employees

A ruling by the Michigan Supreme Court will increase the state's minimum wage from $10.33 to approximately $12.50 per hour, raising concerns among local business owners like Tim Murlick of Merl's Tavern. Murlick fears that the wage hike will force him to reduce staff and raise prices, potentially leading to decreased tips for servers and driving customers to larger corporations.

WNEM

Amazon reports weaker-than-expected revenue for second quarter and issues disappointing guidance

Amazon reported earnings of $1.26 per share, exceeding expectations, but missed revenue forecasts for the second quarter, leading to a decline in shares. The company anticipates third-quarter revenue between $154 billion and $158.5 billion, below analyst estimates.

CNBC