Wednesday, February 9, 2011

Disney (NYSE:DIS) Shares Skyrocket on Big Quarterly Beat

The story of the earnings season for media companies is the advertising rebound, and Disney (NYSE:DIS) was the top beneficiary of that rebound, as they generated a blockbuster quarter, positioning themselves for more to come.

Disney Chief Executive Officer Bob Iger said on a conference call that advertisers that were generating big ad sales were categories like automotive, retail and telecommunications. ESPN was especially attractive to advertisers, which was growing at a double-digit pace, said Iger.

Profits for the quarter were up 54 percent for the latest quarter and revenue was up 10 percent.

While all segments were hot for Disney, leading the way were its theme parks and cable networks, as operating income handily beat estimates there.

Disney was trading at $43.72, gaining $2.54, or 6.17 percent, as of 12:48 PM EST.

No comments: