Disney's streaming business is profitable. Has direct-to-consumer hit a turning point?

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It took billions of dollars in losses, a company-wide overhaul, cost-cutting and price hikes to get there, but Bob Iger and Walt Disney Co. appear to have reached a long-awaited turning point in the streaming business.

Disney direct-to-consumer operations — a combination of Disney+, Hulu and ESPN+ — have been profitable two straight quarters, helping to drive earnings that topped Wall Street expectations. The Burbank-based entertainment giant last week said its streaming trifecta produced fiscal fourth quarter operating income of $321 million, swinging from a $387-million loss reported at the same time a year ago.

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