Disney returns to profit in Q3 as streaming business starts making money

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Disney returns to profit in Q3 as streaming business starts making money - Business Standard

Quick Summary:

Operating income for the entertainment segment nearly tripled to USD 1.2 billion thanks to better performances from its direct-to-consumer and content sales/licensing and Other segments.The Walt Disney Co.said Wednesday that its direct-to-consumer business, which includes Disney+ and Hulu, reported a quarterly operating loss of USD 19 million, which was smaller than its loss of USD 505 million a year earlier.

Disney returned to a profitable third quarter as its combined streaming business started making money for the first time and the movie Inside Out 2 did well in theatres.

For the period ended June 29, Disney earned USD 2.62 billion, or USD 1.43 per share.