Walt Disney’s stock climbs as company cites ‘Toy Story 5’ for earnings growth

Walt Disney's stock rallied after the company reported strong earnings, surpassing Wall Street expectations. The entertainment giant's quarterly results were lifted by its parks and streaming divisions. Disney's experiences segment, which includes global theme parks and cruises, saw revenue rise 10% year over year to $9.97 billion.

The company reported growth at its domestic theme parks and cruises despite macroeconomic uncertainty for consumers. Domestically, park attendance in the U.S. was up 3% and per capita spending increased 4%, according to CFO Hugh Johnston. Disney's entertainment streaming business, primarily made up of Disney+ and Hulu, also saw significant growth, with streaming operating income more than doubling to $712 million.

Disney's quarterly revenue was $25.25 billion, a 7% year-over-year increase, though slightly below analyst estimates. Adjusted diluted earnings per share rose 28% year-over-year to $2.06, higher than analysts' estimates. The company also announced a deal with TikTok to bring more short-form video to its platform.

Brief written by urgent.news from MarketWatch, CNBC World, CNBC, Business Insider — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.