Summary by Moomoo AI
Disney reported Q3 FY2024 revenues of $23.2 billion, up 4% year-over-year, with net income rising to $2.6 billion compared to a loss of $460 million in the prior year. Direct-to-Consumer segment significantly narrowed operating losses to $19 million from $505 million, driven by Disney+ subscriber growth and higher advertising revenue. Disney+ Core subscribers increased 12% to 118.3 million.Entertainment segment operating income surged to $1.2 billion from $408 million, benefiting from streaming improvements and content licensing gains. Sports revenue grew 5% to $4.6 billion though operating income declined 6% to $802 million. The Experiences segment revenue rose 2% to $8.4 billion while operating income decreased 3% to $2.2 billion due to higher costs.The company maintained strong cash flow with $8.5 billion from operations in the first nine months. Disney repurchased 14 million shares for $1.5 billion during the quarter as part of its $3 billion FY2024 buyback target. Management reiterated expectations for continued streaming profitability improvement while investing in core growth initiatives.
