News Formal

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

  • 📰 ksatnews
  • ⏱ Reading Time:
  • 44 sec. here
  • 4 min. at publisher
  • 📊 Quality Score:
  • News: 28%
  • Publisher: 53%

U.S. News News

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 442. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks making the biggest moves midday: Walt Disney, DexCom, McDonald's, On Semiconductor and moreThese are the stocks posting the largest moves in midday trading.
Source: CNBC - 🏆 12. / 72 Read more »