Box-office smash 'Moana 2' drives Disney profit in the first quarter

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Box-office smash 'Moana 2' drives Disney profit in the first quarter

2025-02-05 22:39 Last Updated At：22:41

NEW YORK (AP) — Disney easily topped first-quarter expectations thanks in part to the box office smash “ Moana 2.”

There were some oversized expectations for the animated film but "Moana 2", originally intended as a series for the company's streaming service before it was produced for the big screen — blew predictions out of the water. Its five-day opening set a new record for Thanksgiving moviegoing.

The Walt Disney Co. earned $2.55 billion, or $1.40 per share, for the period ended Dec. 28. The Burbank, California-based company earned $1.91 billion, or $1.04 per share, in the prior-year period.

Stripping out one-time charges and benefits, earnings were $1.76 per share, which is 32 cents better than Wall Street was expecting, according to analysts surveyed by Zacks Investment Research.

Revenue rose 5% to $24.69 billion, a bit better than analysts had projected.

Revenue in Disney's Entertainment segment increased 9%. Revenue for content sales/licensing and Other jumped 34% due to the strong performance of “Moana 2.”

CEO Bob Iger and Chief Financial Officer Hugh Johnston said in a prepared remarks that the Moana film franchise demonstrates the strong connection that audiences have with Disney's stories and characters and further validates the company's strategy of investing in popular intellectual property.

Disney’s direct-to-consumer business, which includes Disney+ and Hulu, reported quarterly operating income of $293 million compared with an operating loss of $138 million a year ago. Revenue increased 9% to $6.07 billion.

The Disney+ streaming service had a 1% increase in paid subscribers domestically, which includes the U.S. and Canada. But there was a 2% drop internationally, which excludes Disney+ HotStar. Total paid subscribers for Disney+ dipped 1% in the quarter. Disney also said that it had 125 million Disney+ subscribers in the quarter, a slight decline from the fourth quarter. It had 178 million Disney+ and Hulu subscriptions for the quarter, an increase of 900,000 subscribers from the previous quarter.

Iger said during Disney's conference call that the company is actually very pleased with its subscriber growth for Disney+ and Hulu, particularly because it raised prices.

“Disney’s earnings beat underscores the success of its cost-cutting initiatives and resilient performance in parks and studios, offsetting headwinds in streaming," Jesse Cohen, senior analyst at Investing.com, said in an emailed statement. “However, the surprising loss of Disney+ subscribers—the first decline since its 2019 launch—raises red flags about saturation in a crowded market and the trade-offs of its pricing strategy.”

Looking ahead, Disney said that it foresees a modest decline in Disney+ subscribers in the second quarter when compared with the first quarter. The company still anticipates high-single digit adjusted earnings per share growth for fiscal 2025.

The Experiences division, which includes six global theme parks, its cruise line, merchandise and videogame licensing, reported operating income was basically flat at $3.11 billion. Operating income fell 5% at domestic parks, as hurricanes caused Walt Disney World in Orlando, Florida to close for a day and canceled a cruise. Operating income rose 28% for international parks and Experiences.

Shares climbed about 1% in morning trading Wednesday.

Thai construction magnate surrenders on felony negligence charges over building collapse in quake

2025-05-16 12:59 Last Updated At：13:01

BANGKOK (AP) — A construction magnate and more than a dozen other people surrendered to police Friday on criminal negligence charges for the collapse of a Bangkok high-rise during a March 28 earthquake.

Premchai Karnasuta, the president of Italian-Thai Development Co, the main Thai contractor for the building project, as well as designers and engineers were among 17 charged with the felony of professional negligence causing death, Bangkok deputy police chief Noppasin Poonsawat said.

The accused have publicly denied wrongdoing.

Ninety-two people were confirmed dead in the rubble of the building that had been under construction and a small number of other people remain unaccounted for. The building, which was to become a new State Audit Office, was the only one in Thailand to collapse in the earthquake that was centered in neighboring Myanmar. The search for victims' remains was officially ended on Tuesday, though efforts to identify body parts through their DNA will continue.

Noppasin said at a news conference that evidence and testimony from experts suggested the building plan did not meet standards and codes. The Bangkok Post newspaper said police had also determined the project showed "structural flaws in the core lift shaft and substandard concrete and steel.”

Thai media have reported allegations of wrongdoing in the project almost every day since the building’s collapse, many of them involving irregular documentation for the project. Their reports have highlighted the role of Italian-Thai’s Chinese joint venture partner, the China Railway No. 10 company, which is involved in projects around the world.

A Criminal Court issued arrest warrants for the 17 on Thursday. Noppasin said 15 turned themselves in at a police station in the morning and the remaining two were expected to do so later Friday.

The epicenter of the quake was in central Myanmar, where it killed more than 3,700 people and caused major damage in Mandalay, the country's second biggest city, and the capital Naypyitaw.

Premchai’s case is his second major tangle with the law. In 2019, he was convicted of wildlife poaching and served about three years in prison.

He was found guilty of killing protected animals and illegal possession of weapons after park rangers found him and other members of a hunting party in the Thungyai Naresuan Wildlife Sanctuary in western Thailand in February 2018.

They were found with guns and the carcasses nearby of a rare black panther, a kalij pheasant and a barking deer. The black panther, which is a member of the leopard species, had been butchered and its meat cooked up for soup.