The entertainment giant’s streaming unit, which includes flagship platform Disney+, general entertainment service Hulu and the sports-focused ESPN+, became profitable one quarter ahead of schedule, producing operating income of $47 million on $6.38 billion in revenue, Disney said Wednesday. Both results exceeded Wall Street expectations: Analysts polled by FactSet had anticipated net income of $1.94 billion and revenue of $23.08 billion. While Disney’s quarterly streaming profit was small, the shift in that unit’s fortunes is symbolically important. On Tuesday, Disney announced a new round of price increases for nearly all of its streaming plans, effective in October. Analysts polled by FactSet had expected the division to produce $2.3 billion in operating income.

Source: Mint August 07, 2024 22:36 UTC