Disney Shares Move Higher After Company Beats on Top and Bottom Line in Latest Quarter

Shares of Disney were on the rise after the company reported a beat for its fiscal fourth quarter this week.

Disney beat on both the top and bottom line in its last quarter sending shares of the company up over 5% in Thursday’s trading session.

The company is now preparing to launch its highly anticipated streaming platform dubbed Disney+ which is scheduled to launch on November 12th. Analysts will be wanting to see if Disney gives any color on expected subscriber numbers for Disney+. The service costs $6.99 per month, or $69.99 per year, and will feature content from Disney, Pixar, Marvel, Star Wars and more.

For the fourth quarter, Disney reported earnings per share: $1.07, adjusted, vs. 95 cents expected, according to Refinitiv. Revenue was $19.1 billion vs. $19.04 billion expected, according to Refinitiv.

CEO Bob Iger said the Disney+ platform is “ready to go” following a test in the Netherlands that he said was “quite successful.”

Disney also revealed that Disney’s park in Hong Kong has been feeling the affects of the protests going on in the area.

“Circumstances in Hong Kong have led to a significant decrease in tourism from China and other parts of Asia,” CFO Christine McCarthy said. Based on Q4 trends, Disney now expects operating income at Hong Kong Disneyland to decline by about $80 million for Q1. If the trends continue, McCarthy said, the company could to see a full year decline of about $275 million compared to fiscal year 2019.

Disclaimer: We have no position in Walt Disney Co. (NYSE: DIS) and have not been compensated for this article.