Disney shares rise as first quarter earnings beat expectations

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Disney shares rise as first quarter earnings beat expectations

Disney's shares rose as much as 7% in extended trading, after reporting better-than-expected fiscal first-quarter earnings on Wednesday and as the media conglomerate also cut costs while revenue stagnated. Earnings per share came out at $1.22 adjusted vs. 99 cents expected and revenue was also higher than forecasts. Disney also announced it will take a $1.5 billion stake in Fortnite studio Epic Games and launch its flagship ESPN streaming service in late 2025. The date of this launch has been long anticipated by the sports media world.