Disney grows 3.6% in quarter due to parks and streaming area

by times news cr

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The American entertainment group Disney reported better than expected profits in the quarter ended June 29 compared to the same period in 2023, in addition to a first profit in your business of streamingalthough it had its weak point in the theme parks.

The Walt Disney Company (DIS, on the New York Stock Exchange) reported revenues of $23.2 billion in the third quarter of its fiscal year, 3.6% more than the same period last year, also exceeding projections for 23 thousand 100 million.

Disney posted an overall net profit of $2.6 billion in the April-June period, surpassing the net loss of $460 million recorded during the same period last year.

“This was a solid quarter for Disney, driven by excellent results in our entertainment segment, both at the box office and in the DTC (direct-to-consumer) sector,” Disney CEO Bob Iger said in a statement.

The corporation made profits on its service streaming, which includes the channels Disney+, Hulu y ESPN+, a quarter ahead of schedule, achieving operating income of $47 million.

Revenue from that service segment rose 15% year-on-year. But the company said its theme parks were under pressure in the quarter in question, with operating income down.

HIGHER COSTS

In that sense, Disney He claimed that he faced “higher costs driven by inflation, increased spending on technology and new offerings for visitors” of those entertainment centers.

Earnings per share (EPS) diluted earnings were $1.43 for the third quarter of this year, compared with a loss of $0.25 for the same period last year.

The company expects its earnings per share to increase 30% throughout the exercise.

2024-08-13 01:32:09

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