Disney’s Q1 earnings plummeted compared to the same period last year – but still beat expectations.
The entertainment giant’s TV networks and theme parks led Q1 growth, while the movie unit’s revenue took a 27 per cent hit, falling to $1.8 billion, largely due to the lack of a new Star Wars movie in 2018.
Overall net income fell by 37 per cent compared to the same quarter a year ago.
Disney will launch its own streaming service later this year to take on the likes of Netflix and Prime Video. CEO Bob Iger said the company will reveal more about its streaming strategy at its investor day on April 11th.
“Presented with an overabundance of choice, consumers look to brands they know to sort through the options and find what they actually want,” Iger said on the call. “We’re confident that our iconic brands and franchises will allow us to break through the competitive clutter.”