Disney returns to profit in third quarter as streaming business starts making money for first time

📆 07/08/2024 13:10:00
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Nelson Peltz,Business

The Walt Disney Co. returned to a profitable third quarter as its combined streaming business started making money for the first time and the movie Inside Out 2 did well in theaters.

FILE - The Cinderella Castle is seen at the Magic Kingdom at Walt Disney World, July 14, 2023, in Lake Buena Vista, Fla.

Revenue for the Burbank, California, company rose 4% to $23.16 billion, beating Wall Street's estimate of $22.91 billion. Disney said Wednesday that its direct-to-consumer business, which includes Disney+ and Hulu, reported a quarterly operating loss of $19 million, which was smaller than its loss of $505 million a year earlier. Revenue climbed 15% to $5.81 billion.

The combined streaming businesses, which includes Disney+, Hulu and ESPN+, achieved profitability for the first time thanks a strong three months for ESPN+ and a better-than-expected quarterly performance from the direct-to-consumer unit.to soften in the third quarter due to its platform in India, Disney+Hotstar. The company also said at the time that it anticipated its combined streaming businesses to be profitable in the fourth quarter, so the money-making quarter was a surprise.

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