Disney parks and cruises generated $9.5 billion despite a 1% dip in domestic attendance
Disney reported stronger-than-expected results for its fiscal second quarter, pushing its shares up approximately 7%.
Under new CEO Josh D’Amaro, revenue rose 7% from the previous year to $25.17 billion. However, net income dropped to $2.47 billion from $3.4 billion.
The report marks D’Amaro’s first since taking the leadership role in March.
Disney’s experiences division, including Disney parks and cruises, generated $9.5 billion despite a 1% dip in domestic attendance and economic concerns following geopolitical tensions in February.
Notably, entertainment revenue climbed 10% to $11.72 billion, aided by a 14% jump in subscription fees and a 4% boost from the Fubo deal.
Disney’s sports business, which includes ESPN, grew 2% to $4.61 billion as more digital subscribers helped balance declines in traditional TV viewers.
D’Amaro has faced a turbulent quarter in his new tenure, including layoffs and regulatory scrutiny of ABC’s licenses.
Still, he said he remains optimistic about consumer demand and Disney’s use of technology to create new content.