Image Press Agency/Sipa USA via Reuters Connect
Decryption – The entertainment giant reported strong results and will invest $1.5 billion in Epic Games. The creator of the Fortnite game will create an online “Disney World”.
Bob Iger has found some relief. Disney has ” A milestone reached » according to its CEO, and it is ushering in a new era. Under pressure from several activist funds, the Burbank firm announced better-than-expected financial results in the first quarter of its delayed fiscal year. Despite flat revenue of $23.5 billion for the October-December period, it reported a net profit of $2.15 billion, better than expected and up 58% year-on-year. Evidence that the sobriety cure introduced last year is starting to have an effect. The stock market applauded with shares up 12.5% at the Wall Street open.
Disney achieved $500 million in savings in the first quarter and said it is on track to meet or exceed a $7.5 billion savings goal by the end of fiscal 2024. In other good news, the streaming business has improved significantly. Loss of all platforms…
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