Disney Defies Expectations with Booming Parks and Streaming Growth

Walt Disney's quarterly performance surpassed expectations as its theme parks and Disney+ streaming service saw significant increases. Despite challenges in traditional television and broader economic concerns, Disney's earnings and revenue exceeded forecasts, leading to a surge in share prices and an optimistic outlook from CEO Bob Iger.

Walt Disney impressed Wall Street with its recent quarterly results, driven by increased spending at U.S. theme parks and an unexpected surge in Disney+ subscribers. Shares rose by 5.8% in premarket trading as both visitor numbers and streaming figures outperformed projections.

As traditional television wanes, Disney is actively shifting focus towards its lucrative streaming services and renowned theme park experiences, seeking growth amidst economic uncertainties. CEO Bob Iger expressed confidence in the company's strategic moves and financial prospects for the fiscal year.

The entertainment giant reported adjusted earnings per share of $1.45, outstripping analyst expectations of $1.20. Revenue climbed by 7% to reach $23.6 billion, surpassing forecasts. With ongoing expansions and new ventures, Disney anticipates further growth across its diverse divisions.

(With inputs from agencies.)