3 weeks ago

Disney Beats Profit Estimates, Announces TikTok Partnership as Shares Rise

Disney Beats Profit Estimates, Announces TikTok Partnership as Shares Rise
Disney beats profit estimates on strong theme parks & streaming growth, announces TikTok partnership, shares rise 3.65% · livemint.com

Disney is a big company that makes movies, cartoons, and runs theme parks.

Every few months, it tells everyone how much money it made.

This time, Disney made more money than many people expected it would.

That was because many families still wanted to visit its theme parks in America.

Its streaming service also kept more of its customers than before.

Disney said it will work together with TikTok, so people can make short videos using clips from Disney movies.

Good news like this made Disney's stock price go up a little.

But Disney did not make as much money as it did last year, mostly because last year's numbers got a special one-time tax boost.

Also, fewer people visited its parks in the Asian cities of Shanghai and Hong Kong.

Even so, Disney says it still plans to build a new theme park in Abu Dhabi.

Key facts

Company
Walt Disney
Quarter
Fiscal third quarter
Net profit
$2.6 billion, about half of the prior-year level which included a one-time tax benefit
Revenue
$25.2 billion, up 6.8% year over year
Share price
$101.76, up 3.65%
U.S. park attendance
Up 3% during the quarter
TikTok partnership
Fans and creators can make short-form videos using Disney scenes and clips, available on TikTok and Disney's streaming platform
Leadership
CEO Josh D'Amaro; CFO Hugh Johnston

Quotes

Hugh Johnston

Chief Financial Officer of Walt Disney Co.

“Demand is strong across domestic parks and cruises.”
livemint.com

Josh D’Amaro

Chief Executive Officer of Walt Disney Co.

“We are exploring a free streaming product for consumers, viewing the option as "way to expand our reach to a customer segment that's more price sensitive."”
livemint.com

Sources

Related news