Disney ’s latest quarterly results overall sparked joy for the Mouse House — with the record-breaking “Inside Out 2” boosting profits and the company’s consolidated streaming business landing in the black for the first time. That said, there were some mixed emotions: Operating profit for Disney’s domestic theme parks slipped 6% in the June quarter and the company warned that ongoing weak demand could hurt the segment’s results for “the next few quarters.” Meanwhile, Disney’s TV business, excluding ESPN, continued to decline.
Total revenue for the quarter increased 4%, to $23.16 billion, and operating income shot up 19% to $4.23 billion for the three months ended June 29 (Disney’s Q3 of fiscal 2024).
Adjusted earnings per share for the quarter were $1.39, up 35% from $1.03 in the year-prior quarter.
The results topped Wall Street forecasts, as analysts on average expected revenue of $23.07 billion and EPS of $1.19, per financial data provider LSEG.
Disney CEO Bob Iger said in prepared remarks, “This was a strong quarter for Disney, driven by excellent results in our Entertainment segment both at the box office and in DTC, as we achieved profitability across our combined streaming businesses for the first time and a quarter ahead of our previous guidance.” The success of Pixar’s “Inside Out 2,” which has become the highest-grossing animated film of all time , demonstrated “the renewed creative strength of our studios and drove strong outperform.