After years of losses totaling billions of dollars, Walt Disney Co.'s overall streaming business has reached profitability for the first time. Third-quarter results, however, were tempered by weakening demand at the company's key parks unit. The Burbank media and entertainment giant reported Wednesday that its streaming business — which includes Disney+, Hulu and ESPN+ — took in about $6.4 billion in revenue for its fiscal third quarter, up 15% compared with a year earlier.
To reach that goal, Iger undertook a wide-ranging cost-cutting effort across the company, which slashed thousands of jobs. Overall, the company generated revenue of $23.1 billion during the fiscal third quarter, up 4% year over year. Earnings, excluding certain items, were $1.39 per share, up from $1.03 a year earlier and higher than analysts' estimates. The company's studios business also contributed to the quarterly results, led by the success of Pixar's 'Inside Out 2.