Walt Disney warns of 'moderation in demand' at parks, as profit slips
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Walt Disney predicts a 'moderation in demand' at its theme park business in the coming quarters; Operating income at the parks is expected to be down 'mid single-digits' in the fiscal fourth quarter; Ben Barringer, technology and media analyst at Quilter Cheviot, says the parks results pour fuel onto the fire of concern about a slowing US economy; April-June operating income nearly tripled at Disney's Entertainment unit, with the combined streaming businesses of Disney+, Hulu, and ESPN+ posting a profit for the first time; Disney's experiences segment, which includes parks and consumer products, recorded an operating income drop of 3%; Adjusted earnings-per-share reached US$1.39 for Disney's fiscal third quarter, topping analyst estimates; Chief executive Bob Iger touts success in the entertainment division, where Disney's combined streaming businesses turned a profit a quarter ahead of projections; The movie studio is showing signs of resurgence with the success of "Inside Out 2" and "Deadpool & Wolverine"; The Entertainment division reported operating income of US$1.2 billion in the quarter; The Disney+, Hulu, and ESPN+ streaming services produced operating profit of US$47 million; Demand slid at domestic parks, cruise ships, consumer products, and some international parks delivered improved results;
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