Disney earnings: Streaming unit turns first profit while parks business lags

) on Wednesday reported that its total streaming division turned a profit for the first time, though weakness in its parks division dented an otherwise positive report with the company noting a "moderation of consumer demand" towards the end of the quarter.

Disney stock initially rose in premarket trade on Wednesday before forfeiting these gains. Shares moved about 3% lower shortly after the opening bell. Coming into the report, Disney stock was roughly unchanged this year. "While we are actively monitoring attendance and guest spending and aggressively managing our cost base, we expect Q4 Experiences segment operating income to decline by mid single digits versus the prior year, reflecting these underlying dynamics," the company said in its release.

ESPN bucked the downward trend, with domestic operating income for the sports giant up 1% due to growth in advertising and subscription revenue.with the reveal of an upcoming joint venture partnership with Fox and Warner Bros. Discovery. The company is also working on a separate sports streaming platform for ESPN,It's also on pace to lead the box office in the back half of this year with the upcoming releases of "Moana 2" and "Mufasa: The Lion King.

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