The Walt Disney Co. reported a loss in the second quarter due to restructuring charges, but its adjusted profit exceeded expectations, with its streaming business turning a profit. The company remains optimistic about the performance of its streaming services in the future, expecting growth and profitability in the coming years, particularly in fiscal 2025. Disney’s direct-to-consumer business, including Disney+ and Hulu, saw a significant turnaround, posting quarterly operating income of $47 million.
CEO Bob Iger expressed confidence in the company’s growth initiatives, highlighting positive results and a strong outlook. Despite challenges faced at its theme parks, Disney witnessed revenue growth both domestically and overseas. The company saw increased guest spending at its theme parks, attributing it to higher ticket prices and new attractions like the World of Frozen at Hong Kong Disneyland.
Despite a decline in content sales and licensing revenue, Disney’s overall revenue rose to $22.08 billion. Adjusted earnings per share exceeded analyst expectations, prompting the company to revise its full-year growth target to 25%. However, shares dropped slightly following the earnings report.