Disney Posts Strong Earnings, Along With Higher Guidance, Dividend, $3B Buyback

Walt Disney is one of the most mentioned companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Late Wednesday, the entertainment giant’s fiscal first-quarter earnings beat market expectations, with a 23% increase in adjusted earnings to $1.22 per share, but revenue growth slowed for the third consecutive quarter, by less than 1% to $23.55 billion. Disney also provided guidance for the 2024 fiscal year that is well over Wall Street estimates, and said it’s boosting its semi-annual dividend by 50%, while starting a new $3 billion stock-buyback plan. Disney also said it will invest $1.5 billion in Epic Games and plans to stream pop star Taylor Swift’s concert movie in March. Dow Jones & Co. owns Factiva.

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