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Walt Disney Co. jumped in pre-bidding on Friday after the media giant managed to beat Wall Street’s fourth-quarter earnings forecasts, continuing to ramp up investment ahead of the much-anticipated launch of Disney Plus streaming service.

Disney said adjusted earnings for the three months ended September in the company’s fiscal fourth quarter were $ 1.07 per share, down 27.7% from the same period last year but firmly exceeding consensus forecast of 95 cents per share. According to Disney, the group’s revenue grew 34% to $ 19.01 billion, which fell short of analysts’ forecasts of $ 19.04 billion..

Disney is trying to move from being a leader in cable TV to being an influential company in the multiplayer video streaming market dominated by Netflix Inc. Disney Plus family digital entertainment service debuts Tuesday.

Disney Plus will initially air in the United States, Canada, and the Netherlands. It will debut in Australia and New Zealand on November 19, and will make its debut in several Western European countries on March 31, CEO Bob Iger said..

«We declare the future of media and entertainment and our continued ability to thrive in this new era», – Iger told analysts in a conference call.

The Disney Plus app will be available through a wide range of smart TVs, mobile phones and streaming devices, including Fire TV devices from Inc and products from Samsung Electronics Co Ltd and LG Electronics Inc.

Distribution agreements with Apple, Samsung and others «show that they understand that this is an ecosystem, and even with all their market power, they cannot act on their own», – comments on Disney policy by Forrester analyst Jim Nail.

Seeking a broad audience of all ages, Disney Plus will offer an extensive library of TV shows and films from Disney, Pixar Animation, Marvel Studios, franchises «star Wars» and the National Geographic Channel, as well as original programs such as the new «High school». Musical series and remake «Lady and the Tramp». It will cost $ 7 a month, less than $ 13 for the most popular Netflix plan..

Disney shares rose on good reporting

«In addition to creating a phenomenal product, we are supporting the launch of Disney Plus with an unprecedented marketing campaign that builds on all of the existing relationships Walt Disney has with consumers, ”Iger said during a conference call Thursday night. – This is a historic effort to raise awareness and stimulate demand that reflects our all-round commitment to strategic initiatives and our determination to grow rapidly and scaled».

During the just-ended quarter, the Theme Parks & Consumer Products business reported a 17% increase in operating profit to $ 1.4 billion, driven by merchandise sales. «Frozen» and «Toy story» and rising costs of visitors to Disneyland in California.

Film studio benefited from remakes «The lion king» and «Aladdin», as well as the sequel to Pixar «Toy Story 4». Division profit rose 79% to nearly $ 1.1 billion.

According to Disney, the company’s operating income fell 3% to $ 1.8 billion. Sports Network ESPN Faces Higher Coding, Production and Marketing Costs, But Now Has 3.5 Million Subscribers.

Group revenue grew 34% to $ 19.10 billion, beating the analyst average of $ 19.05 billion.

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