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Entertainment giant Disney has again reported a profit in the third quarter of its fiscal year, amounting to $2.6 billion, compared to a net loss of $460 million during the same period last year.
Between April and June, the group particularly benefited from the good performance of streaming services.
Its sales reached $23.2 billion, up 3.6% year-on-year, slightly beating analysts’ expectations of $23.1 billion.
During the first nine months of the fiscal year ending in September, Disney’s sales reached $68.79 billion, up 1.6% year-over-year.
In a result closely watched by investors in the United States, earnings per share came to $1.43 during the quarter, compared to a loss per share of $0.25.
“This was a strong quarter for Disney, driven by excellent results from our entertainment businesses, both in cinemas and directly to consumers,” said group chairman Pep Iger in a statement.
“We are achieving profitability for the first time across all of our streaming offerings, a quarter earlier than we originally expected,” Iger added.
The group’s streaming services include Disney+, ESPN+, which focuses on sports, and Hulu, which Disney acquired a majority stake in in 2019, before buying the remaining 33% of the capital from Comcast last November.
On the cinematic side, Disney is also benefiting from strong results. Inside Out 2which is still showing in theaters, and has grossed over $1.5 billion worldwide, only part of that coming from the past quarter.
For the current quarter, the group is also expected to benefit from the release of the latest Marvel movie, Deadpool & Wolverineon July 26.
On the other hand, Disney theme parks reported a decline in revenues, partly due to the results of Disneyland Paris. The latter is suffering from the repercussions of the Olympic Games, which have led many to avoid visiting the French capital during this period, which is typical for this type of major event for categories of tourists.
The group expects its results to continue to improve in the last quarter of its financial year, which will allow it to review them upwards, especially its earnings per share, which are now expected to increase by 30% over the entire period.
