Summary by Futu AI
On February 7, 2024, The Walt Disney Company (Disney) reported its financial results for the first quarter ended December 30, 2023. The company announced revenues of $23.5 billion, consistent with the previous year's quarter. Notably, diluted earnings per share (EPS) increased from $0.70 to $1.04, and excluding certain items, from $0.99 to $1.22. Disney highlighted over $500 million in cost savings and is on track to meet a $7.5 billion annualized savings target by the end of fiscal 2024. The company expects a 20% increase in full-year fiscal 2024 EPS, approximately $4.60, and anticipates $8 billion in free cash flow. Disney+ Core subscribers decreased by 1.3 million, while Hulu subscribers increased by 1.2 million. The Board of Directors approved a new share repurchase program for up to 400 million shares without an expiration date, targeting $3 billion in repurchases for fiscal 2024. Additionally, a cash dividend of $0.45 per share was declared, payable on July 25, 2024, to shareholders of record as of July 8, 2024. CEO Robert A. Iger expressed confidence in Disney's strategic transformation and its positioning for growth and shareholder value creation.
