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Walt Disney Co (NYSE:DIS) shares are moving lower, in possible sympathy with shares of Comcast Corp (NASDAQ:CMCSA), which fell after the company reported declines in Studio and Theme Parks revenue.
What Happened: Comcast reported mixed second-quarter financial results ahead of the market open on Tuesday. The stock fell more than 4% as Content and Experiences revenue fell, driven by declines in Studios and Theme Parks.
“In Studios and Theme Parks, we faced difficult comparisons to last year, but our upcoming film and TV content and the debut of Epic Universe bode very well for the future,” said Brian Roberts, chairman and CEO of Comcast.
Studios revenue decreased 27% year-over-year to $2.253 billion while Theme Parks revenue fell 10.6% year-over-year to $1.975 billion, driven by lower revenue at domestic parks and lower guest attendance. Studios adjusted EBITDA dropped 51.4% year-over-year and Theme Parks adjusted EBITDA dropped 21.4% year-over-year.
Comcast also noted that Content and Experiences capital expenditures increased 4.4% to $845 million, primarily driven by investment in Theme Parks.
See Also: Comcast’s Paris Olympics Bet For Boosting Peacock’s Viewership: Report
Why It Matters: Disney is due to report financial results for its fiscal third quarter on Aug. 7. Analysts are looking for earnings of $1.18 per share and revenue of $23.024 billion, according to estimates from Benzinga Pro.
Disney’s Experiences business was a growth driver in the second quarter with revenue growth of 10% and operating income growth of 12%.
“Although the third quarter’s segment operating income is expected to come in roughly comparable to the prior year, we continue to expect robust operating income growth at Experiences for the full year,” Disney said in its second-quarter report.
DIS Price Action: Disney shares were down 2.98% at $91.32 at the time of publication, according to Benzinga Pro.
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Photo: Pexels from Pixabay.
