The Walt Disney Company on Wednesday announced a strong performance for the third quarter of fiscal 2024.
Revenues for the quarter ending June 29 increased to 23.2 billion U.S. dollars from 22.3 billion dollars in the prior-year quarter.
Excluding certain items, diluted earnings per share (EPS) for the quarter increased to 1.39 dollars from 1.03 dollars in the prior-year quarter, according to the company.
"In the third fiscal quarter of 2024, we achieved strong double-digit percentage growth of 19 percent for total segment operating income and 35 percent for adjusted EPS," said the U.S. entertainment giant in its latest earnings report.
The entertainment segment operating income nearly tripled year over year in the third quarter, thanks to "significantly improved" results at direct-to-consumer (DTC) and content sales/licensing units, according to the report.
The company's combined streaming businesses, including Disney+, Hulu and ESPN+, achieved profitability for the first time, one quarter ahead of its previous guidance of earning a profit in the fourth quarter.
The success of "Inside Out 2," which the company said became the highest-grossing animated film of all time, demonstrated the "renewed creative strength" of Disney's studios and drove "strong outperformance" at its theatrical unit.
"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," said Robert A. Iger, the company's chief executive officer, in the report.
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