Spurred on By Its Entertainment Division, Disney Delivers a Strong Q3 Earnings Report
The Walt Disney Company announced its 2024 Q3 earnings today, and Bob Iger and his team are jumping for joy.
Spurred on by the massive success of Inside Out 2, Disney beat Wall Street expectations, delivering $23.6 billion in revenue against a $23.07 billion projection.
The company also managed to beat expectations for adjusted earnings per share (EPS), reporting an EPS of $1.39, which was up 35% and easily beat the $1.19 forecast.
Walt Disney Company
Operating income, meanwhile, also increased 19% to $4.23 billion.
Disney Entertainment Led the Way
Looking at the individual divisions, Disney Entertainment led the way, tripling its operating income year over year to $1.2 billion.
Image: Pixar
Fueled by the duel releases of Inside Out 2 and Kingdom of the Planet of the Apes, the unit overcame revenue drops in linear TV. It also managed to deliver profitability in streaming for the first time.
Disney Parks Saw Less Demand
While overall, the news for Disney was strong, there were some concerning details in the earnings report.
Disney Parks, for example, saw its operating profit drop 6%. Disney attributed the drop to “demand moderation” and warned that the theme park business could continue to be slow for the “next few quarters.”
In spite of the Disney Parks news, Iger stated, “With our complementary and balanced portfolio of businesses, we are confident in our ability to continue driving earnings growth through our collection of unique and powerful assets.”
Tree of Life in Disney’s Animal Kingdom
Overall, however, the Disney CEO sounded jubilant.
“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.”
NBC News
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