Walt Disney Co.’s profit surged in its fiscal second quarter, partly driven by the success of the Marvel Studios hit film “Black Panther.”
Burbank, Calif.-based Disney reported earnings of $2.94 billion, or $1.84 a share, in the quarter that ended March 31, an increase of 23 percent from the same quarter in 2017. Total revenue for the entertainment giant was $14.5 billion, up 9 percent from the same period last year.
The company’s studio entertainment revenue grew 21 percent to $2.45 billion, while operating income jumped 29 percent to $847 million.
“Black Panther,” directed by Ryan Coogler, became a cultural phenomenon upon its February release, collecting more than $1.3 billion in global box office sales. The studio followed up with the April release of “Avengers: Infinity War,” which has already grossed $1 billion, not reflected in the second-fiscal-quarter earnings.
Disney also reported a big boost from its theme parks business, which rose 13 percent to $4.88 billion in revenue. Growth at Walt Disney World Resort, Disneyland Paris and Hong Kong Disneyland Resort gave the segment a lift.
Match not worried about Facebook dating app
Match Group Inc. shrugged off the threat of competition in online dating from Facebook Inc., raising its revenue and profit forecasts and saying it doubts the social media giant will have much of an impact on its business.
The Dallas-based company, which owns apps like Tinder and OkCupid, said revenue will be $1.6 billion to $1.7 billion in 2018, up from its previous projection of $1.5 billion to $1.6 billion. Profit will be higher, too, mostly because more people are signing up for a new premium feature on its flagship Tinder app than the company expected. First-quarter revenue and profit beat analyst estimates as well, the company said in a statement Tuesday.
The positive forecast comes just a week after Facebook said it will jump into the dating market, a move that sent Match’s shares plunging the most in its history. Now Chief Executive Officer Mandy Ginsberg is pushing back, saying the business is booming.
“We do not think that Facebook dating is going to have a negative impact on Tinder,” Ginsberg said in an interview. “We do have the advantage of being a single-focus business, unlike the new competition.”
ON THE MOVE
Aloha Pacific Federal Credit Union has announced the following:
>> Joy Viana is the new manager of Aloha Pacific Federal Credit Union’s Henderson, Nev., branch. She has more than 25 years of financial industry experience, including having served as a service manager for City Bank and a branch manager for Central Pacific Bank. Most recently, Viana was a west area branch manager for HawaiiUSA Federal Credit Union for 10 years.
>> Rose Alcuran has been promoted to director of information technology from information technology applications manager at Aloha Pacific Federal Credit Union. She has nearly 30 years of financial industry experience, including serving as a systems analyst, systems programmer and IT project manager at Central Pacific Bank; systems programmer at American Savings Bank; as well as systems consultant and deposit portfolio manager at Bank of Hawaii. Alcuran joined Aloha Pacific FCU as a senior systems analyst in 2015.