Walt Disney Reports Fiscal Q3 Results
Walt Disney (NYSE: DIS) reported fiscal third-quarter revenues of $23.65 billion, falling short of expectations of $23.73 billion. Net income for the quarter was $5.26 billion, or $2.92 per share, a significant increase from $2.62 billion a year prior. The company announced plans to consolidate its streaming services, phasing out Hulu in favor of Disney+, while expecting a 10-million-user increase in subscriptions for the fourth quarter.
The entertainment giant saw positive growth in its parks segment, with an 8% year-over-year revenue increase to $9.09 billion, although traditional TV revenues fell by 15%. Disney’s CFO highlighted that Walt Disney World experienced its largest third quarter ever, showcasing resilience in consumer spending despite economic concerns.
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