Walt Disney (DIS.N) exceeded Wall Street's earnings expectations on Wednesday as higher attendance at its Shanghai and Hong Kong theme parks offset a decline in advertising revenue at television network ABC.
Toy figures of people are seen in front of the displayed Disney + logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration/File Photoexceeded Wall Street's earnings expectations on Wednesday as higher attendance at its Shanghai and Hong Kong theme parks offset a decline in advertising revenue at television network ABC.The company reported per-share earnings, excluding certain items, of 82 cents in its fiscal fourth quarter ended Sept.
Disney now says it is on track to achieve $7.5 billion in annualized savings, as it aggressively manages costs. Disney's newly named Experiences group, which includes its theme parks and resorts, and cruise lines and consumer products, reported nearly $1.8 billion in operating income in the quarter, up 31% from a year ago. Higher attendance at Shanghai Disney, Hong Kong Disneyland and Disneyland resorts, and growth of the cruise businesses, helped offset lower results at Walt Disney World in Florida.
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