The Walt Disney Co. DIS vastly outperformed expectations for its fiscal Q1 2019 top and bottom lines after the closing bell Tuesday, with earnings of $1.84 per share beating the $1.57 in the Zacks consensus and sales of $15.30 billion surpassing the $15.18 billion we had been looking for. This is the fourth earnings beat in the last five quarters for the entertainment conglomerate. Shares were up 2% immediately upon the earnings release.
Some of the company's strength came from more unexpected areas in the quarter, including Media Networks (including ESPN) up 7%, and Parks +10% year over year in operating income. Increased ad revenues assisted Disney in the quarter, which carried a Zacks Rank #3 (Hold) rating ahead of the announcement. For more on DIS' earnings, click here.
One nice surprise this afternoon came from Snap Inc. SNAP which posted a lower-than-expected loss for its Q4 bottom line at -4 cents per share, on revenues of $390 million that beat the $375 million estimated. Average Revenue per User (ARPU) went to $2.09 versus the expected $2.05, and Daily Active Users stayed steady at 186 million as opposed to falling, as the analysts had expected. Shares have shot up 15% in late trading following the results. For more on SNAP's earnings, click here.
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