Disney records robust performance for Q3 of fiscal year 2024
(MENAFN) On Wednesday, The Walt Disney Company reported a robust performance for the third quarter of fiscal 2024, underscoring its continued growth and profitability across key segments. For the quarter ending June 29, Disney's revenues rose to USD23.2 billion, up from USD22.3 billion in the same period the previous year. This growth reflects a strong operational performance and strategic advancements within the company.
Excluding specific items, Disney's diluted earnings per share (EPS) increased significantly to USD1.39, compared to USD1.03 in the prior-year quarter. This substantial rise in EPS aligns with a broader trend of improved financial outcomes for the company. The earnings report highlighted a notable 19 percent growth in total segment operating income and a 35 percent increase in adjusted EPS for the third fiscal quarter.
A key driver of this success was the entertainment segment, which saw its operating income nearly triple year over year. This impressive growth was largely attributed to "significantly improved" results from Disney's direct-to-consumer (DTC) and content sales/licensing units. In particular, the combined streaming services of Disney+, Hulu, and ESPN+ achieved profitability for the first time, surpassing the company's earlier guidance of reaching this milestone in the fourth quarter.
The success of Disney's theatrical releases also played a crucial role in the strong quarterly performance. The release of "Inside Out 2," which Disney reported as the highest-grossing animated film of all time, showcased the company's revitalized creative prowess and contributed to substantial outperformance in its theatrical unit.
Robert A. Iger, Disney's CEO, emphasized the significance of the quarter's results, noting that the company's achievements were driven by excellent performance in both entertainment and DTC segments. He expressed satisfaction with reaching profitability across streaming businesses earlier than expected and praised the strong results from Disney's theatrical releases as indicators of the company's renewed creative strength.
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