New York (BBN)-US entertainment giant Walt Disney’s fourth quarter revenue beat market expectations thanks to its recent blockbuster movies.
The company reported a 7% increase in quarterly revenue to $12.39bn (£7.8bn), above expectations of $12.36bn, reports BBC.
Hit films Guardians of the Galaxy released in July and Maleficent starring Angelina Jolie drove its studio unit growth by almost 18%.
Disney said it would release another anticipated hit Toy Story 4 in 2017.
“Our results for fiscal 2014 were the highest in the company’s history, marking our fourth consecutive year of record performance,” said chief executive Robert Iger in a statement.
The five Marvel movies that Disney has released since 2009 after buying the brand have averaged $1bn in worldwide box office sales, he added.
Revenue at its popular parks and resorts also rose 7% on increased attendance and higher ticket prices for admissions.
But operating income at the company’s cable networks business fell 1% in the same period due sports giant ESPN having to pay higher contract fees for National Football League (NFL) and Major League Baseball (MLB) games.
Monday, September 24, 2018