Disney reported record shattering profits in its first- quarterly earnings and revenue, beating analyst expectations, all thanks to the chart smashing success of ‘Star Wars: The Force Awakens.’
According to Forbes, the House of Mouse posted its fiscal first-quarter net income of $2.88 billion, an increase by 32%, or $1.73 per share. Excluding items, earnings came in at $1.63 per share, far ahead of analyst estimates of $1.45 per share.
Sales climbed 14 percent to $15.24 billion, beating the analyst estimates of $14.75 billion.
“Driven by the phenomenal success of Star Wars, we delivered the highest quarterly earnings in the history of our company,” said Disney CEO Robert Iger.
According to CNBC, Disney strong showing was a result of top performance by the Disney cinema, whereas, the company's cable networks remain a point of concern for investors, which witnessed a year-over-year decline in operating income.
"Well, we had great performance across the board, really. Clearly, 'Star Wars' drove the studio performance," Iger told.
‘Star Wars’ has been the success story for Disney, just after the magic of ‘Frozen’ thaws. The latest Star Wars installation has already accumulated $2 billion, at the box office making it only the third movie in history to achieve that figure.
Ticket sales soured which guided Disney’s studio entertainment division to post an 86 percent rise in profit during the first quarter. Whereas, people also streamed old Star Wars movies at home, this helped jump in the revenues home entertainment.
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