US parks and streaming propel Disney earnings above forecasts

By Lisa Richwine and Dawn Chmielewski

LOS ANGELES (Reuters) -Walt Disney's quarterly results topped Wall Street expectations arsenic visitors to its U.S. taxable parks accrued spending successful the archetypal 3 months of the twelvemonth and the institution saw an unexpected emergence successful Disney+ streaming customers.

Shares of the institution were up 6.4% successful premarket trading connected Wednesday.

The institution is seeking to summation profits from its streaming services arsenic accepted tv declines, and to grow its fashionable taxable parkland and cruise enactment businesses, each successful the midst of a shaky U.S. economy.

"We stay optimistic astir the absorption of the institution and our outlook for the remainder of the fiscal year," Disney CEO Bob Iger said successful a statement.

The institution posted adjusted net per stock of $1.45 for January done March, up of the $1.20 statement forecast of analysts polled by LSEG.

Revenue roseate 7% to $23.6 billion. Analysts had expected $23.14 billion. Operating income came successful astatine $4.4 billion.

Disney forecast adjusted net per stock of $5.75 for fiscal 2025, an summation of 16% from the anterior fiscal year.

The institution reiterated guidance for 6% to 8% operating income maturation successful the parks-led Experiences part during the fiscal year, and for double-digit percent operating income maturation during that clip successful the amusement unit.

Disney said it picked up 1.4 cardinal customers for the Disney+ streaming work during the just-ended quarter. Three months ago, it had warned of a humble diminution successful Disney+ subscribers pursuing a terms increase.

Hulu added 1.1 cardinal customers during the quarter, and operating income astatine the streaming part roseate to $336 million. A twelvemonth earlier, operating income stood astatine $47 million.

The amusement portion reported full operating income of $1.3 billion, a 61% summation from the anterior year.

At the Experiences unit, operating income roseate 9% to $2.5 billion. Attendance roseate astatine U.S. parks and guests spent more, Disney said. The institution besides saw an summation successful cruise vessel bookings with the motorboat of a caller vessel, the Disney Treasure.

Disney banal has fallen 17% this twelvemonth compared with a 4.7% diminution successful the S&P 500. The shares person fallen 6.6% since April.

(Reporting by Lisa Richwine; Editing by Muralikumar Anantharaman and Nick Zieminski)