Disney Exceeds Q3 Estimates with EPS $1.39, Revenue $23.2B, Streaming Profit

Aug 7, 2024, 11:01 AM

The Walt Disney Company reported its third-quarter earnings, surpassing Wall Street expectations with an adjusted earnings per share (EPS) of $1.39, compared to the estimated $1.19. Revenue for the quarter reached $23.2 billion, exceeding the forecasted $23.08 billion. Notably, Disney's streaming business, which includes Disney+, Hulu, and ESPN+, turned a profit for the first time, a quarter earlier than anticipated, with a direct-to-consumer profit of $47 million. This success was partly driven by the performance of the animated film 'Inside Out 2.' Disney+ core paid subscribers rose to 118.3 million. However, the company's parks segment experienced a decline in income due to a moderation in consumer demand, which could impact future quarters. Despite the mixed results, Disney raised its full-year EPS growth outlook to 30% year-over-year.