The Walt Disney Company’s fourth-quarter revenues rose by 34 percent to $19.1 billion, while fiscal year revenues were up 17 percent to $69.6 billion.
“Our solid results in the fourth quarter reflect the ongoing strength of our brands and businesses,” said Robert A. Iger, chairman and CEO of The Walt Disney Company. “We’ve spent the last few years completely transforming The Walt Disney Company to focus the resources and immense creativity across the entire company on delivering an extraordinary direct-to-consumer experience, and we’re excited for the launch of Disney+ on November 12.”
At the media networks, Q4 revenues were up 22 percent to $6.5 billion, while operating income fell by 3 percent to $1.8 billion. Cable network revenues gained 20 percent to $4.2 billion, with operating income slipping slightly to $1.26 billion as a result of a decrease at ESPN. Broadcasting revenues were up 26 percent to $2.3 billion, with operating income down 4 percent to $377 million as a result of lower ABC Studios program sales, higher programming costs at ABC and lower ad revenues.
Studio entertainment was up 52 percent to $3.3 billion and operating income soared by 79 percent to $1.1 billion, boosted by theatrical distribution results.
Direct-to-consumer and international rose from $825 million to $3.4 billion, with a wider operating loss of $740 million. The bigger loss was attributed to the consolidation of Hulu, costs associated with the Disney+ launch and ongoing investment in ESPN+.
Parks, experiences and resorts were up 8 percent to $6.7 billion, with operating income rising by 17 percent to $1.4 billion.