) has reported better-than-anticipated income and revenue in the fourth quarter, boosting shares in the media giant in premarket trading on Thursday.
Disney has targeted growth at its offerings like Disney+ and Hulu despite fierce competition among streaming video services. The number of Disney+ subscribers rose by 4% compared to the prior quarter to 122.7 million, ahead of Wall Street expectations of 119.85 million. Paying customers at Hulu and the group's Disney+ Hotstar unit also topped projections.
In a statement, CEO Bob Iger, who recently returned to the helm of Disney promising to carry out a sweeping turnaround of the business, said the overhaul has seen"significant progress." Total revenue expanded by 6.3% year-over-year to $22.57 billion, above expectations of $22.47 billion. Adjusted per-share earnings of $1.14 beat estimates as well.