Walt Disney Company reported first-quarter sales, earnings and streaming-subscriber growth that handily beat analysts’ forecasts, giving a boost to a chief executive who’s finally out of the shadow of his predecessor.
Bob Chapek has been chief executive of the world’s largest entertainment company for two years this month, but the current period is the first since the departure of longtime Disney leader Bob Iger, who retired as executive chairman in December.
Disney’s earnings increased to $1.06 a share, well ahead of the 57-cent average of analysts’ estimates. Sales in the period ended January 1 increased to $21.8 billion, also topping expectations, the Burbank, California-based entertainment company said on Wednesday.
The company’s namesake parks and the new Disney+ streaming service delivered big upside surprises, providing a one-two punch that cheered investors and lifted the shares as much as 10 per cent in extended trading.
Disney’s parks division generated $2.45bn in operating income, compared with a loss a year earlier. Revenue from the resorts unit doubled from lows during the pandemic, helped by the introduction of new services such as Genie+, a system that allows guests to pay an extra fee to jump in shorter lines for rides.
New subscriptions to Disney+ came in at 11.8 million, far above the 8.17 million that Wall Street had projected, with the total now approaching 130 million. Disney shares tumbled in November after the company announced subscriber numbers that fell short of Wall Street projections. Netflix added to investor worries about streaming growth with a tepid outlook last month.
Shares of Disney jumped on the latest report, rising as high as $162.10 in extended trading. The stock had declined 4.9 per cent this year through Wednesday’s close in New York.
Mr Chapek’s accession to chief executive, coming shortly before the pandemic began to spread across the US “couldn’t have happened at a tougher time,” said Markus Hansen, a money manager with Vontobel Asset Management, which held about 1.77 million Disney shares as of September 30, according to Bloomberg data. Mr Chapek’s experience running the theme parks before his promotion likely helped in the company’s recovery.
“He’s proved his mettle here,” Mr Hansen said.
On a call with investors on Wednesday, Disney chief financial officer Christine McCarthy said new technologies, such as using mobile phones for hotel check-in and food ordering, have reduced costs. Mr Chapek added that a return of live events and international visitors should boost attendance going forward.
Like other media companies, Disney has made a big bet that streaming is the future, as consumers increasingly cancel traditional cable TV to watch films and TV shows online.
Losses at the direct-to-consumer unit widened to $593 million due to increases in programming, marketing and technology costs. Still, the subscriber additions, along with upbeat results from AT&T’s HBO Max business, are likely to ease investor concerns that the streaming business is slowing,
Profit in Disney’s traditional TV units, including ESPN and ABC, fell 13 per cent to $1.5bn, with higher programming costs offsetting increased advertising and fees from cable TV distributors.
Disney’s content sales unit, which includes films, reported a loss of $98m, with theatres still struggling and losses on pictures released outweighing revenue from home entertainment. Films released in the quarter included notable box office disappointments West Side Story and The Last Duel.
The Disney+ streaming service may have got a lift from the recent film “Encanto,” which was released for streaming on Christmas Eve. The animated musical delivered modest results at the box office but has really taken off online.
Encanto was the most-watched film on streaming in the two weeks after its release on Disney+, according to Nielsen. Both the soundtrack album and the song We Don’t Talk About Bruno are No 1 on the Billboard charts. The past quarter also saw streaming releases for The Beatles: Get Back and a new series based on the Star Wars character Boba Fett.
Mr Chapek said Encanto underscores that Disney can still turn films into valuable properties, even with families and older adults shunning movie theatres due to the pandemic.
“We’d love for theatrical to come back for family movies,” Mr Chapek said in an interview on Bloomberg TV. “We hope it does, but if it doesn’t we know that we’re very secure in being able to use our own platform Disney+ to help do that.”
Signs%20of%20%20%20%20%20%20%20heat%20stroke
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
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- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
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The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
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Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
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2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Explained
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Children who witnessed blood bath want to help others
Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.
As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.
Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.
“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”
Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.
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Uefa Champions League semi-finals, first leg
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Bio
Born in Dubai in 1994
Her father is a retired Emirati police officer and her mother is originally from Kuwait
She Graduated from the American University of Sharjah in 2015 and is currently working on her Masters in Communication from the University of Sharjah.
Her favourite film is Pacific Rim, directed by Guillermo del Toro
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2.
3.
4.
5.
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
match info
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SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
Results
International 4, United States 1
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Adam Hadwin and Sungjae Im (International) beat Xander Schauffele and Patrick Cantlay (US) 2 up.
Adam Scott and Byeong Hun An (International) beat Bryson DeChambeau and Tony Finau (US) 2 and 1.
Hideki Matsuyama and C.T. Pan (International) beat Webb Simpson and Patrick Reed (US) 1 up.
Abraham Ancer and Louis Oosthuizen (International) beat Dustin Johnson and Gary Woodland (US) 4 and 3.
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Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
Draw
Quarter-finals
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RB Leipzig (GER) v Atletico Madrid (ESP)
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Atalanta (ITA) v Paris Saint-Germain (FRA)
Ties to be played August 12-15 in Lisbon
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Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
The%20specs
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- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
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