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Disney Anticipates Full-Year Profit Increase Following a Positive Fourth Quarter

Strong Performance in Theme Parks and Streaming Services Drives Growth

The Walt Disney Company reported strong financial results for its fourth quarter and fiscal year, ending October 1, 2023. The company's revenue for the quarter increased by 8% to $23.5 billion, driven by growth in its theme parks, experiences, and products segments.

Disney's theme parks saw a significant increase in attendance and spending, with revenue climbing by 21% to $7.4 billion. The company attributed this growth to the popularity of new attractions, such as Star Wars: Galaxy's Edge, and increased demand for its park experiences. Its streaming service, Disney+, also performed well, with the number of subscribers growing by 12% to 164.2 million, contributing to a 13% increase in revenue for the direct-to-consumer segment.

Theme Parks and Experiences Drive Revenue Growth

Disney's theme parks and experiences segment saw a strong rebound in the fourth quarter, with revenue increasing by 21% to $7.4 billion. This growth was driven by increased attendance at its domestic and international parks, as well as higher spending per guest. The company attributed this increase to the popularity of new attractions, such as the recently opened Avengers Campus at Disney California Adventure, and the ongoing success of Star Wars: Galaxy's Edge at both Disneyland and Walt Disney World.

In addition to its theme parks, Disney's experiences segment also saw growth, with revenue increasing by 10% to $2.2 billion. This growth was driven by increased demand for its guided tours, character dining experiences, and other special events.

Direct-to-Consumer Revenue Soars on Disney+ Growth

Disney's direct-to-consumer segment saw a strong quarter, with revenue increasing by 13% to $5.3 billion. This growth was driven by the continued success of its streaming service, Disney+, which saw its subscriber base grow by 12% to 164.2 million. The company attributed this growth to the strong performance of its original content, such as the Marvel series "Loki" and the Star Wars series "The Mandalorian," as well as the addition of new content from its other brands, such as Pixar and National Geographic.

In addition to Disney+, the company's other direct-to-consumer services, such as ESPN+ and Hulu, also saw growth during the quarter. ESPN+ saw its subscriber base grow by 10% to 8.5 million, while Hulu's subscriber base grew by 8% to 32.1 million.

Disney's strong fourth-quarter results have led the company to raise its full-year profit forecast. The company now expects to report earnings per share in the range of $4.85 to $4.95 for the fiscal year, up from its previous guidance of $4.60 to $4.80 per share.