Disney returned to a profitable third quarter as its combined streaming business started making money for the first time and the movie Inside Out 2 did well in theaters. Operating income for the entertainment segment nearly tripled to $1.
Disney returned to a profitable third quarter as its combined streaming business started making money for the first time and the movie Inside Out 2 did well in theaters.
For the period ended June 29, Disney earned $2.62 billion, or $1.43 per share. A year earlier it lost $460 million, or 25 cents per share. The company made $254 million in operating income from content sales and licensing helped by the strong performance of Inside Out 2 at movie theaters, which is now the highest-grossing animated film of all time.
Disney said in May that it expected its overall streaming business to soften in the third quarter due to its platform in India, Disney+Hotstar. The company also said at the time that it anticipated its combined streaming businesses to be profitable in the fourth quarter, so the money-making quarter was a surprise.
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