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

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Disney 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.

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

Stripping out one-time gains, earnings were US$1.39 per share, easily topping the US$1.20 analysts polled by Zacks Investment Research expected. Disney said in May that it expected its overall streaming business 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.

In June Disney asked a federal appellate court to dismiss its lawsuit against Florida Gov. Ron DeSantis after his appointees approved a deal with the company on how Walt Disney World will be developed over the next two decades, ending the last piece of conflict between the two sides.As part of the 15-year deal, Disney agreed to invest US$17 billion into Disney World over the next two decades and the district committed to making infrastructure improvement on the theme park resort’s property.

Wesley Bell defeats 'Squad' member Cori Bush. A pro-Israel group spent US$8.5 million to help oust her Two world records, one Olympic gold medal. Aleksandra Miroslaw capped her dominant performance at the Paris Games by winning the gold in women's speed climbing on Wednesday.Moments after Evan Dunfee finished the second gruelling 10-kilometre leg of the Olympic race walk mixed marathon event, he was back on the sidelines, coaching Olivia Lundman.

Police have successfully concluded a seven-year death investigation and have identified the remains of a man found in 2017 near the Sault.On Monday, former U.S. president Donald Trump repeated the false claim that Fidel Castro could be Prime Minister Justin Trudeau's real father. Trump has previously called Trudeau 'two faced,' 'weak' and a 'far left lunatic.

 

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