Walt Disney Co. on Wednesday reported sharp profit growth for its fiscal fourth quarter while announcing an expansion of its cost-cutting drive under returning CEO Bob Iger.
The results topped Wall Street expectations and sent shares in the entertainment and theme park company up more than three per cent in after-hours trading.
Disney said its net income jumped 63 per cent to $264 million in the quarter that ended Sept. 30, up from $162 million a year earlier. Its adjusted earnings per share, excluding items largely related to the amortization of Disney's acquisitions of 21st Century Fox's entertainment assets and Hulu, more than doubled to 82 cents in the quarter. Industry analysts had been expecting 71 cents a share, according to FactSet.
Revenue for the quarter rose five per cent to $21.24 billion, up from $20.15 billion. The company credited cost-cutting and other efficiencies from restructuring as well as continued subscription growth in its streaming business. It also noted a 30 per cent increase in operating income from its parks and similar "experiences" compared to the prior year.
Iger returned as CEO a year ago following a challenging two-year tenure by his handpicked successor, Bob Chapek. He soon announced a "strategic reorganization" and cost-cutting drive that has included thousands of layoffs.
In a call with analysts Wednesday, Iger said the company's focus on cost-cutting has "enabled tremendous efficiency" and the company based in Burbank, California, is on track to reduce expenses by $7.5 billion, about $2 billion more than earlier targeted.
On the streaming front, Iger said the company added nearly 7 million core Disney+ subscribers in the quarter. But he noted that Disney is also looking for ways to begin delivering more sports events via ESPN's streaming platform. Iger referred specifically to Disney's plan to bring ESPN "direct to consumer, which is inevitable, which is going to happen," he said. "We're planning for it."
One possibility, Iger said, would be to keep ESPN+ as part of the traditional cable bundle, but then to make additional viewing available as a la carte options. Without going into details, he alluded to the possibility of future ESPN partnerships with sports leagues that could provide ESPN with more "content." Given continued decreases in cable subscribers, he said, "this is a way to really buck that trend."
Members of Parliament debated the second Conservative motion of non-confidence in Prime Minister Justin Trudeau's government of the week on Thursday, amid simmering tensions.
Helene strengthened into a Category 4 hurricane hours ahead of its expected landfall on Florida's northwest coast Thursday night, and forecasters warned that the enormous storm could create a 'nightmare' surge in coastal areas and bring dangerous winds and rain across much of the southeastern U.S.
Canadian singer K'naan has been charged with sexual assault after being arrested by police in Quebec City.
Mounties in Nunavut have made an arrest in the murder of a 15-year-old girl almost 40 years ago.
An Air Canada flight headed to Toronto from Frankfurt diverted to Edinburgh due to an emergency Thursday, the airline says.
Scammers are increasingly using emails to extort money from victims by threatening to reveal compromising photos, videos and personal information to their friends and family members, according to a new warning from Mounties in Metro Vancouver.
A pizza chain in Edmonton claims to have the world's largest deliverable pizza.
A Montana man has been arrested after witnesses said he intentionally and repeatedly swerved his car at three motorcycles in south-central Montana, running one off the road and killing its driver, officials in Carbon County said.
Alabama used nitrogen gas Thursday to execute a man convicted of killing three people in back-to-back workplace shootings, the second time the method that has generated debate about its humaneness has been used in the country
Mounties in Nunavut have made an arrest in the murder of a 15-year-old girl almost 40 years ago.
One non-profit organization is laying claim to the phrase 'Every Child Matters' in an attempt to control how it is used.
A psychiatric report has found a man accused of kidnapping and sexually assaulting six women east of Calgary is fit to stand trial but his lawyer wants the court to order another hearing before the long-delayed matter resumes.
Scammers are increasingly using emails to extort money from victims by threatening to reveal compromising photos, videos and personal information to their friends and family members, according to a new warning from Mounties in Metro Vancouver.
A Royal Canadian Navy warship was rearmed with missiles and munitions in Australia this week, marking the first ever overseas rearmament for the service's Halifax-class frigates.
A member of the Stl’atl’imx Tribal Police Service has been charged with voyeurism following an investigation into allegations he filmed sexual encounters without the consent of his partners, the B.C. RCMP announced Thursday.
He's sold Bibles, sneakers, photo books and cryptocurrency during his third campaign for U.S. president. Now, Donald Trump is launching a new business venture: diamond-encrusted watches.
A Montana man has been arrested after witnesses said he intentionally and repeatedly swerved his car at three motorcycles in south-central Montana, running one off the road and killing its driver, officials in Carbon County said.
Israeli Prime Minister Benjamin Netanyahu on Thursday vowed to carry out 'full force' strikes against Hezbollah until it ceases firing rockets across the border, dimming hopes for a ceasefire proposal put forth by U.S. and European officials.
New York City Mayor Eric Adams vowed to stay in office Thursday after federal prosecutors unsealed an indictment accusing him of letting Turkish officials and businesspeople buy his influence with illegal campaign contributions and lavish overseas trips
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Alabama used nitrogen gas Thursday to execute a man convicted of killing three people in back-to-back workplace shootings, the second time the method that has generated debate about its humaneness has been used in the country
Members of Parliament debated the second Conservative motion of non-confidence in Prime Minister Justin Trudeau's government of the week on Thursday, amid simmering tensions.
French President Emmanuel Macron and Prime Minister Justin Trudeau have signed a statement aimed at collaborating more on issues ranging from Ukraine to foreign interference.
New changes to Canada's temporary foreign worker program are now in effect. Here's what to know.
A partial masking mandate has returned to Nova Scotia hospitals and provincially run healthcare facilities for visitors and healthcare workers.
Despite making up more than 4.5 per cent of Canada’s population, less than one per cent of the country's physicians identify as Indigenous, according to the Canadian Medical Association.
A Canadian pharmaceutical company is warning consumers not to use some of its eye drops because of potential microbial growth that may result in eye infections.
Members of the Southern Georgian Bay OPP and the Canadian Anti-Fraud Centre (CAFC) are sounding the alarm on a rising number of online and phone scams targeting residents.
Facebook whistleblower Frances Haugen feels 'extremely hopeful' about society's ability to push social media platforms into being safer but for change to come, she says these companies need to be motivated in a new way.
OpenAI Chief Technology Officer Mira Murati — who has been instrumental in the development of ChatGPT and the artificial intelligence image generator Dall-E — said Wednesday she is leaving the company.
Canadian singer K'naan has been charged with sexual assault after being arrested by police in Quebec City.
British supermodel Naomi Campbell has been barred from being a charity trustee in England and Wales for five years after the poverty charity she founded nearly two decades ago was deemed Thursday to have been 'poorly governed' with 'inadequate financial management.'
Hoda Kotb, a fixture at NBC for more than two decades, says she will leave her morning perch on the 'Today' show early next year, telling staffers 'it's time.'
A settlement was reached Thursday in a defamation lawsuit brought by electronic voting machine manufacturer Smartmatic against conservative news outlet Newsmax for airing accusations about vote manipulation in the 2020 election made by allies of former U.S. president Donald Trump.
Open AI Chief Executive Officer Sam Altman (C) speaks at the Advancing Sustainable Development through Safe, Secure, and Trustworthy AI event on Sept. 23, 2024, in New York. (Bryan R. Smith/Pool Photo via AP)
Billionaire Elon Musk's social media site X has complied with Brazilian Supreme Court Justice Alexandre de Moraes' orders and requested its service be re-established in the country, a source said Thursday.
A pizza chain in Edmonton claims to have the world's largest deliverable pizza.
Regina and John Zdravich left the U.S. for Italy after falling in love with the European country, then unexpectedly found themselves 'homeless.'
Home Depot was about to launch something big — really big — when the pandemic hit in the spring of 2020: a 12-foot skeleton.
Toronto Maple Leafs coach Craig Berube says he doesn't think Auston Matthews' upper-body injury is too serious and expects the captain to be fine.
Daniel Ricciardo, one of the most popular and likeable drivers on the Formula 1 grid, was released by Red Bull Racing on Thursday and will be replaced immediately by Liam Lawson.
A Florida man's lawsuit has temporarily stopped Shohei Ohtani's 50th home run ball from being sold at auction after saying it was stolen from him moments after he secured it.
Ontario's Premier Doug Ford wants to dig Canada's largest city out of its traffic woes.
A bizarre discovery was made on a dirt road in Clearview Township.
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A pizza chain in Edmonton claims to have the world's largest deliverable pizza.
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Wayne MacKay is still playing basketball twice at Mount Allison University at 87 years old.
A man from a small rural Alberta town is making music that makes people laugh.
An Indigenous artist has a buyer-beware warning ahead of Sept. 30, the National Day for Truth and Reconciliation.
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Fire has destroyed a barn and 17,000 plants at a family-owned business in Lower Coverdale, N.B.
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The City of Kamloops is issuing a public apology for what it’s calling "inappropriate behavior" that happened during Tuesday's council meeting.
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A woman driving a garbage truck died after colliding with a transport truck in Mississauga Thursday afternoon.
An Air Canada flight headed to Toronto from Frankfurt diverted to Edinburgh due to an emergency Thursday, the airline says.
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Ontario Provincial Police say a motorcycle driver is dead following a crash Thursday afternoon.
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Â鶹´«Ã½ Montreal at Six for Thursday, Sept. 26, 2024 with anchor Mutsumi Takahashi.
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A pizza chain in Edmonton claims to have the world's largest deliverable pizza.
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Eleven projects will split $25 million in grants through the federal housing accelerator fund
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Saskatchewan RCMP are on scene of a collision involving a semi truck and a train near Biggar, Sask.
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Guelph police say an elderly woman has died after she was struck by a vehicle Thursday afternoon on Eramosa Road.
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Some London renters say a new policy by their landlord to charge visitors for parking amounts to a corporate cash grab.
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Members of the Southern Georgian Bay OPP and the Canadian Anti-Fraud Centre (CAFC) are sounding the alarm on a rising number of online and phone scams targeting residents.
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Four people face charges in connection with a drug trafficking investigation in Collingwood that police say led to loaded, semi-automatic handguns being seized.
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As respiratory illness season nears, local pharmacists are reminding people in Windsor-Essex and Chatham-Kent to stay safe and prevent unnecessary visits to the hospital by staying up to date on vaccinations.
The Windsor Police Service (WPS) has arrested a “wanted fugitiveâ€, wanted on multiple warrants in Ontario.
A Royal Canadian Navy warship was rearmed with missiles and munitions in Australia this week, marking the first ever overseas rearmament for the service's Halifax-class frigates.
A member of the Stl’atl’imx Tribal Police Service has been charged with voyeurism following an investigation into allegations he filmed sexual encounters without the consent of his partners, the B.C. RCMP announced Thursday.
British Columbia NDP leader David Eby was upstaged by a wasp that flew down his shirt and stung him during a news conference.
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The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
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City of Lethbridge Transit has experienced significant route cancellations over the last few days. One of the factors leading to the delays is labour action taken by the local transit union.
A Blackfoot business owner is getting ready to pitch her board games to a panel for a chance to win $25,000.
Lethbridge police have laid charges against a man accused of sexually assaulting a teen girl at a party.
A northern Ontario man was in the bush hunting for partridge with his fiancé when he came across a big bull moose entangled in some hydro lines in his antlers.
A pedestrian is dead following a collision with a commercial motor vehicle on Highway 17 west of Thunder Bay on Thursday morning.
Every other day, Derek Moonias drives 15 minutes to the airport in Neskantaga First Nation and fills his pickup truck with cases of bottled water flown in on the dime of the federal government.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
Newfoundland and Labrador sponsored a minor football team in England, now they’re about to play one of the biggest clubs in European soccer.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
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