Disney Shines in Q4, Thanks to a Strong Film Slate
Fiscal 2019 was a year of transition for Walt Disney (NYSE: DIS). For one thing, Disney completed its acquisition of Twenty-First Century Fox around the middle of the fiscal year. The company also spent much of the year preparing for a shift in its business model toward a greater emphasis on direct-to-consumer entertainment -- particularly the Disney+ streaming service, which will launch in just a few days.
These two developments have weighed on results in recent quarters. But the House of Mouse benefited from a strong film slate over the summer, helping it to post solid financial results in the final quarter of fiscal 2019.
Disney generated revenue of $19.1 billion last quarter -- up from $14.3 billion a year earlier -- mainly due to the Fox acquisition. Total segment operating income increased 5% to $3.4 billion, despite the company now booking Hulu's entire loss in its financial results after taking full control of the streaming service earlier this year.