NEW YORK (AP) — Disney’s fiscal fourth-quarter net income beat Wall Street’s expectations thanks to strong theater revenue from films like “The Lion King” and “Toy Story 4,” along with higher parks revenue.
The results came as Disney readies for the debut Tuesday of its Disney Plus streaming service.
Disney’s net income for the three months ended Sept. 28 fell to $1.05 billion, or 58 cents per share, from $2.32 billion, or $1.55 per share last year.
Adjusted for one-time items, its net income totaled $1.07 per share. According to FactSet, analysts had expected net income of 94 cents per share. Disney faced costs related to its $71 billion purchase of Fox’s entertainment assets during the quarter.
Revenue rose 34% to $19.1 billion, nearly matching analyst expectations of $19.18 billion.