The Walt Disney Co.'s adjusted profit in its second quarter topped expectations and its streaming business turned a profit.swung to a loss in its second quarter because of restructuring and impairment charges, but its adjusted profit topped expectations and its streaming business turned a profit. Theme parks also continued to do well and the company boosted its outlook for the year.
"Looking at our company as a whole, it's clear that the turnaround and growth initiatives we set in motion last year have continued to yield positive results," CEO Bob Iger said in a prepared statement. It's the first financial report since shareholders rebuffed efforts by activist investor Nelson Peltz to claim seats on the company board last month, standing firmly behind Iger as he tries to energize the company after a rough stretch.
The company said that there was increased spending by guests at Walt Disney World due to higher ticket prices, while Disneyland guests boosted their spending due to an increase in ticket prices and hotel room rates.
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Disney's streaming business makes adjusted profit in first financial report since challenge to IgerThe Walt Disney Co. moved to a loss in its second quarter, hampered by restructuring and impairment charges, but its adjusted profit topped expectations and its streaming business turned a profit. Theme parks also continued to do well.
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