San Francisco: Walt Disney Co. on Thursday reported better-than-expected quarterly results, fuelled by the release of blockbuster films “Aladdin” and “The Lion King” as it prepared for its new streaming television service.
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Disney profit in the recently ended quarter was $1.05 billion (Dh3.86 billion), down from $2.3 billion a year ago, on revenue that grew 34 per cent to $19.1 billion.
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The slump in profits came as Disney absorbed key film and television operations of 21st Century Fox and geared up for its launch of the streaming service Disney+ that aims to compete globally against Netflix and others.
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“We’ve spent the last few years completely transforming The Walt Disney Company to focus the resources and immense creativity across the entire company on delivering an extraordinary direct-to-consumer experience,” said Disney chief executive Robert Iger.
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“We’re excited for the launch of Disney+ on November 12.”
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Iger said the company reached a deal for the service to be on Amazon’s Fire TV platform, the latest distribution agreement for Disney+.
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Revenues in the past quarter were boosted by a 52 per cent rise in Disney’s studio operations with box office hits “The Lion King,” “Toy Story 4” and “Aladdin” fuelling gains.
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Disney has become the biggest Hollywood player with the acquisition of studio and TV assets from Rupert Murdoch’s 21st Century Fox.
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The company saw smaller revenue gains in its cable and broadcasting operations as well as its theme park division.
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