(MENAFN) Disney announced higher revenues on Tuesday, primarily driven by strong performance in its theme parks division. However, a write-down in its India business led to a small quarterly loss for the company.
The $20 million quarterly loss followed a $2.1 billion impairment in Star India, resulting in a 1.2 percent increase in revenues to $22.1 billion.
The entertainment giant reported profitability in its entertainment streaming segment, attributed to over six million subscription additions on Disney+.
Disney stated it was on track to achieve full-year profits across its streaming business, including ESPN+ sports network, after years of losses.
Walt Disney World Resort, Hong Kong Disneyland, and the company's cruise division were highlighted as strong performers in parks and experiences, while Disneyland Resort saw lower results.
Profit decline was noted in the sports business due to increased costs for college football programming.
The significant impairment in Star India stemmed from merging its India business with India's Reliance Industries, announced in late February.
These results followed a notable proxy contest where Disney CEO Bob Iger successfully defended against activist Nelson Peltz's challenge for a board seat.
Disney's shares dropped by 5.2 percent in pre-market trading, despite a nearly 30 percent rise in the stock's value in 2024 prior to the release of results.
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