Walt Disney (NYSE: DIS) reported fiscal first-quarter 2024 financial results for the period ended Dec. 30, 2023, after the market closed on Wednesday and investors liked what they saw. Shares were up 12.7% in early trading on Thursday and are still up 11.8% at noon E.T.

Three factors drove the media stock higher and they set the company up for even more long-term success.

The first reason Disney stock is up is quarterly results. Revenue was flat versus a year ago at $23.55 billion but earnings of $1.22 per share easily passed the $0.99 that analysts were expecting. Cost-cutting measures have taken hold faster than expected and management said it expects to exceed its goal of $7.5 billion in cost cuts set in 2023.

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Source Fool.com