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Disney (DIS) up 2.10%, Cisco (CSCO) climbs 7% on strong reports
Walt Disney (DIS) shares closed 2.10% higher on Friday after the mass media company posted Q4 earnings and revenue beats, and revealed that its Disney+ subscriber base had soared to more than 73m.
Before the final session of the week got underway, Disney came in with $14.71bn revenue and a $0.20 adjusted net loss versus the $14.28bn and -$0.71 Wall Street consensus.
CEO Bob Chapek said that the company was able to take “bold, deliberate steps” to drive long-term growth amid disruptive conditions caused by the global pandemic.
Chapek said that the direct-to-consumer business, which saw a 41% spike in revenue of $4.9bn, was a “real bright spot” and is set to be central to the company’s future.
Disney+ performed well above expectations again as paid subscribers for the quarter jumped to 73.7m, when analysts were only expecting 65.5m.
Media networks revenues also came in hot at $7.2bn against the $6.83bn forecast.
However, there was one notable and expected weak spot as Disney’s theme parks division continued to struggle, with revenues slumping 61% from a year ago to $2.6bn.
Disney shares climbed 5.3% after markets closed on Thursday and rose a further 2.10% during trading on Friday to a new $138.36 share price.
Tech company Cisco (CSCO) also made gains after its fiscal Q1 earnings and revenue beat expectations.
Cisco delivered $0.76 earnings per share and $11.9bn revenue for the three months to 30th September.
The robust showing and an “improved tone” from management spurred analysts at Piper Sandler and RBC Capital Markets to offer new, higher price targets.
CSCO shares jumped after the opening bell and eventually finished 7.06% up at $41.40.
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