The remake of the Lion King was credited by Disney for helping drive revenue higher in its fourth quarterWalt Disney shares have surged after its theme parks, a remake of The Lion King and the Toy Story 4 movie helped pushed revenue up by more than a third in its last quarter.
The US entertainment firm unveiled its latest results as it prepares for the debut of its Disney+ service in the US next week amid an industry-wide battle for streaming supremacy. Revenue for the three months to 28 September rose 34% to $19.1bn - in line with market expectations.Net income, its core profit measure, fell by more than half however to just above $1bn as it booked a series of costs related to Disney+ and its takeover of Fox entertainment assets.
However, the figure beat market estimates as streaming investment costs came in lower than Disney had guided.Disney is the latest US firm attempting to enter a market dominated by Netflix, with other new entrants including AT&T and NBC - the latter a division of Sky News' US parent firm, Comcast. Disney boss Bob Iger told analysts in a conference call after the results were published that Disney+ would have 620 movies, 10,000 TV episodes and numerous short features by its fifth year.
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