Disney misses on profit and key revenue segments, but sees strong streaming growth
Summary
Disney fell short of expectations for profit and key revenue segments during the fiscal fourth quarter, but saw strong streaming growth for its Disney+ platform — a rare bright spot in the report out Tuesday. The companys quarterly results missed Wall Street expectations on the top and bottom lines, as both its parks and media divisions underperformed estimates. The division, which includes the companys theme parks, resorts, cruise line and merchandise business, saw revenue increase more than 34% to $7.4 billion during the quarter. Operating income for the division rose more than 66% to $1.5 billion as spending increased at its domestic and international parks and consumers booked voyages on its new cruise ship, the Disney Wish. The company said its consumer products division got a boost from sales of merchandise based on Mickey and friends as well as "Encanto" and "Toy Story."