The Walt Disney Company’s revenues for the second quarter grew by 9 percent to $14.5 billion, delivering a net income of $2.9 billion, 23-percent higher than the year-ago period.
“Driven by strong results in our parks and resorts and studio businesses, our Q2 performance reflects our continued ability to drive significant shareholder value,” said Robert A. Iger, chairman and CEO. “Our ability to create extraordinary content like Black Panther and Avengers: Infinity War and leverage it across all business units, the unique value proposition we’re creating for consumers with our DTC platforms, and our recent reorganization strengthen our confidence that we are very well positioned for future growth.”
Media networks, Disney’s largest segment by revenues, contributed $6.1 billion, a 3-percent rise, while its operating income fell 6 percent to $2.1 billion. Revenues from the cable networks grew by 5 percent to $4.3 billion, but operating income dropped by 4 percent to $1.7 billion due to a loss at BAMTech and decreases at Freeform and ESPN. Broadcasting revenues and operating income were flat at $1.9 billion and $343 million, respectively, as higher affiliate revenues were offset by reduced ad revenues, lower income from program sales and higher network programming and marketing costs.
Parks and resorts revenues gained 13 percent to $4.9 billion, with operating income up 27 percent to $1 billion. Studio entertainment also had a strong quarter, with revenues increasing by 21 percent to $2.5 billion and operating income of $847 million, a 29-percent gain, thanks to improved theatrical, home entertainment and TV/SVOD distribution results, partially offset by higher film cost impairments.
Consumer products and interactive revenues were $1.1 billion, a 2-percent gain, but the segment saw operating income decline by 4 percent to $354 million.