Disney beat Wall Street's earnings expectations on Wednesday and said it is on track to achieve $7.5 billion in annualized savings, $2 billion more in cuts than CEO Bob Iger had initially announced in his turnaround plan. Shares of the company rose 3.6 percent after the closing bell, as higher attendance at its theme parks and narrowing losses on Disney+ offset a decline in advertising revenue at television network ABC.Disney reported net income of $264 million for the quarter that ended September 30, up from $162 million a year ago and beating analyst estimates. Quarterly revenue of $21.2 billion was largely in line with consensus estimates.
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