Walt Disney reported stronger-than-expected earnings for its most recent quarter and forecast that it would cut another $2bn from its cost base while generating higher levels of cash in the coming year.
The entertainment group’s earnings of 82 cents a share in the fourth quarter exceeded Wall Street forecasts of 70 cents, thanks in part to a 31 per cent increase in operating income at its theme parks and experiences business. It raised its target for annualised cost cuts from $5.5bn to $7.5bn.
The results come almost a year after Bob Iger returned to Disney as chief executive to replace his handpicked successor, Bob Chapek. Iger said the results reflected the “significant progress” over the past year at the company.
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