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2/4, 10:07 PM (Source: TeleTrader)
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Disney tops estimates with revenue at $20.86B in Q1

The Walt Disney Company said on Tuesday its revenue for the first quarter of the fiscal year 2020 stood at $20.86 billion, jumping 36% from the same period a year ago.

In the first quarter since launching its streaming platform, the company noted Disney+ got 26.5 million subscribers in the three-month period, significantly topping market estimates. Diluted earnings per share dropped 37% year on year to $1.17 and net income fell 23% to $2.13 billion. Meanwhile, adjusted EPS were down 17% to $1.53, but still came in above expectations.

"We had a strong first quarter, highlighted by the launch of Disney+, which has exceeded even our greatest expectations," CEO Bob Iger stated. "Thanks to our incredible collection of brands, outstanding content from our creative engines and state-of-the-art technology, we believe our direct-to-consumer services, including Disney+, ESPN+ and Hulu, position us well for continued growth in today’s dynamic media environment," he added.

Disney shares rallied 2.22% in after-hours trading on better-than-expected results.

Breaking the News / NP