February 6, 2020

Walt Disney and Mickey Mouse would be proud of Disney’s first quarter results for fiscal year 2020. On Tuesday, Disney reported total revenue of $20.9 billion, a 36% increase year-over-year, driven by Disney’s new direct-to-consumer streaming service, Disney+. The company’s net income was $2.1 billion, a 23% decline year-over-year, or diluted earnings per share from continuing operations of $1.17, a 37% decrease year-over-year. Disney can attribute a $4.0 billion of the revenue increase to the launch of Disney+ which, as of February 3, boasted 28.6 million subscribers. Disney+ is also largely responsible for an increase in costs for the quarter, contributing to the decline in net income.