Disney Rides Strong Q3 on Toy Story Box Office Bonanza
The Walt Disney Company reported a solid third quarter driven by a $1 billion box office haul from 'Toy Story 5' and strong draw of US theme parks. The company's Experiences division, which includes its six global theme parks, cruise line, merchandise, and video game licensing, saw operating income climb 20% to $3.02 billion.
Revenue for the Experiences division totaled $9.97 billion, with operating income rising 27% at domestic parks and declining 13% internationally. Attendance at US parks increased by 3%, with spending up despite current economic uncertainty.
The company also announced a global short-form content sharing deal with TikTok, which will bring Disney-focused fan-created content to the Disney+ app. Shares climbed over 4% in early morning trading on Wednesday.