Continued growth in streaming subscriptions and strong domestic tourism to its theme parks propelled Walt Disney Co.\u2019s fiscal third quarter earnings, even as its theatrical results dipped, the company said Wednesday.<\/p>\n
The Burbank media and entertainment giant reported $23.7 billion in revenue for the three-month period that ended June 28, up 2% compared with the same quarter a year earlier. Earnings before taxes totaled $3.2 billion, 4% higher than a year ago . Earnings per share were $2.92, up from $1.43 last year.<\/p>\n
\u201cWe are pleased with our creative success and financial performance,\u201d Disney Chief Executive Bob Iger said in a statement. \u201cWith ambitious plans ahead for all our businesses, we\u2019re not done building, and we are excited for Disney\u2019s future.\u201d<\/p>\n
The company\u2019s entertainment division, which includes its studios, Disney+, Hulu and linear television business, reported $10.7 billion in revenue, 1% higher than a year earlier. Its operating income, however, totaled $1 billion, down 15% compared with the previous year. That was the result of lower results in content sales and licensing, which includes theatrical distribution, and linear television.<\/p>\n
Disney\u2019s content sales and licensing unit reported revenue of $2.3 billion, up 7% compared with a year ago , but recorded a loss of $21 million in operating income. The company attributed that to lower theatrical distribution results during the third quarter of this year, when it released Disney and Pixar\u2019s original animated film \u201cElio,\u201d which struggled at the box office<\/a>, as well as Marvel Studios\u2019 \u201cThunderbolts*,\u201d which received strong critical reviews but had a middling commercial performance<\/a>.<\/p>\n The earnings only captured part of the theatrical results for the live-action adaptation of \u201cLilo & Stitch,\u201d which would go on to gross $1 billion in global box office revenue<\/a>. The quarterly earnings were also negatively impacted by the comparison to last year\u2019s \u201cInside Out 2\u201d box office performance.<\/p>\n