EThe strong flow of visitors to theme parks such as Disneyland Paris is making the US entertainment company Walt Disney's cash registers ring. The company closed the first quarter of its 2024 financial year with an increase in profits. Earnings per share amounted to $1.22, compared to $0.99 in the same period last year. Analysts had expected $0.99 per share. The group also benefited from cost savings. Sales remained roughly stable at $23.5 billion.
In its streaming business, Disney significantly reduced its losses to $138 million from almost $1 billion last year. Disney reiterated its forecast that its streaming business should reach profitability by September.
The company also announced a $3 billion share buyback program for the current fiscal year.
Disney boss Bob Iger also announced in a CNBC interview that the company wanted to invest $1.5 billion in Epic Games and create a “vast Disney universe” together with the company. “This is Disney’s largest entry into the world of gaming to date and offers significant opportunities for growth and expansion.”
Disney shares rose seven percent in after-hours trading.
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