Walt Disney Co., reporting results for the first time since Bob Iger returned as CEO, posted first-quarter profit that beat Wall Street estimates, thanks to a strong performance from theme parks and smaller-than-expected losses in streaming.
The company also announced a restructuring of its businesses, with a goal of reducing costs and improving profitability. Management will hold a call with investors later Wednesday.
Shares of Disney rose as much as 3.8per cent to US$116 in extended trading after the results were announced. They have declined 22per cent in the past year. Outsize losses in streaming contributed to the ouster of Chief Executive Officer Bob Chapek late last year and the return of CEO Iger, who led the company from 2005 to 2020. The Burbank, California-based entertainment giant is seeking to achieve profitability in its streaming division next year and fend off Peltz, who holds a Disney stake worth about US$1 billion.
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