Disney reports sharp profit growth in the fourth quarter; shares rise

By DAVID HAMILTON
AP Business Writer

SAN FRANCISCO (AP) — Walt Disney Co. reported sharp profit growth for its fiscal fourth quarter, exceeding analyst expectations and sending its shares up more than 3% in after-hours trading. Disney said net income attributable to the company jumped 63% to $264 million in the fourth quarter ended September 30. Revenue rose 5.4% 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 and a 30% increase in operating income from its parks and similar “experiences” compared to the prior year.