Disney’s quarterly results exceed expectations, driven by record theme park revenue and a 72% surge in streaming service operating income.
NEW YORK: The Walt Disney Company reported better-than-expected quarterly earnings, powered by record results at its theme parks and strong growth in streaming.
Net profit reached USD 2.48 billion for the quarter ended December 31, a 6% decline from the same period a year earlier.
The company’s Experiences division, encompassing its theme parks and resorts, delivered record quarterly revenue of USD 10.0 billion.
Domestic parks saw operating income grow 8%, with attendance up 1% and per capita guest spending increasing 4%.
Operating income for the Disney+ and Hulu streaming services surged 72% year-on-year to USD 450 million, significantly above analyst forecasts.
In contrast, the overall Entertainment segment’s operating income fell 35% to USD 1.1 billion.
Higher programming and marketing costs more than offset revenue gains from theatrical releases like “Zootopia 2” and “Avatar: Fire and Ash.”
“We are pleased with the start to our fiscal year, and our achievements reflect the tremendous progress we’ve made,” said CEO Bob Iger.
Shares in Disney rose 3% in pre-market trading following the earnings release.
