Q2 2024 Walt Disney Co Earnings Call Transcript
Key Points
- Adjusted earnings per share increased by 30% compared to the previous year, with a new full year adjusted EPS growth target set at 25%.
- The entertainment portion of the streaming business achieved profitability for the first time this quarter, marking a significant milestone.
- Successful launch of Hulu on Disney+, enhancing content availability and subscriber experience, with plans to add ESPN content by the end of the year.
- Strong performance in the Experiences segment, driven by strategic investments and expansions such as the Disneyland Forward initiative.
- Record-breaking viewership for ESPN, including the most watched NCAA Women's Final Four and NFL postseason, highlighting strong audience engagement and potential for future growth.
- Anticipated softer performance in the third quarter due to seasonality, particularly in India sports offerings.
- Challenges in the streaming segment with Disney+ Hotstar expected to incur losses in the third quarter due to expensive ICC Cricket rights.
- Decrease in operating income for Entertainment linear networks, driven by lower affiliate and advertising revenue both domestically and internationally.
- Higher wage expenses and preopening costs impacting profitability in the Experiences segment, with expected normalization of post-COVID demand.
- Concerns over international subscriber growth due to impacts from wholesale deal changes and price increases.
Good day, and welcome to the Walt Disney Company's Second Quarter 2024 Financial Results Conference Call. (Operator Instructions) Please note, today's event is being recorded.
I would now like to turn the conference over to Alexia Quadrani, Executive Vice President of Investor Relations. Please go ahead.
Good morning. It's my pleasure to welcome everybody to the Walt Disney Company's Second Quarter 2024 Earnings Call. Our press release was issued earlier this morning and is available on our website at www.disney.com/investors. Today's call is being webcast, and a replay and transcript as well as the second quarter earnings presentation will all be made available on our website after the call.
Joining me for today's call are Bob Iger, Disney's Chief Executive Officer; and Hugh Johnston, Senior Executive Vice President and Chief Financial Officer. Following comments from Bob and Hugh, we will be happy to take
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