Disney(US:DIS) 智通财经网·2025-08-06 12:56Core Viewpoint - Disney's Q3 earnings report showed a 2.1% year-over-year revenue growth to $23.65 billion, missing market expectations for the first time since May 2024, despite adjusted EPS of $1.61 exceeding analyst forecasts by 16% [1][2] Revenue Summary - Disney's experience segment, including theme parks and resorts, saw an 8% revenue increase to $9.09 billion, with domestic parks growing 10% to $6.4 billion [1] - The entertainment segment, which includes traditional TV networks and streaming, grew 1% to $10.7 billion, but traditional TV revenue fell 15% to $2.27 billion, offsetting streaming growth of 6% to $6.18 billion [1] Profit Summary - The theme park division's profit rose 13% to $2.52 billion, while streaming generated $346 million in profit; however, traditional entertainment TV profits dropped 28%, and Disney's film studio reported a loss [2][4] - Disney raised its full-year EPS guidance to $5.85, up from $5.75, with theme park operating profit expected to grow 8% and streaming profit projected to reach $1.3 billion, exceeding previous guidance of $1 billion [2] Streaming Business Expansion - Disney is expanding its streaming services in response to declining traditional TV viewership, including a deal with the NFL for a 10% stake in ESPN, integrating NFL media assets into ESPN's platform [3] - ESPN's domestic profits fell 3% due to rising production and operational costs, despite the overall sports division achieving a profit of $1.04 billion, up 29% [4] User Growth and Integration - Disney+ added 1.8 million subscribers in Q3, reaching a total of 128 million, while Hulu grew 1% to 55.5 million subscribers; the company anticipates adding 10 million users in the upcoming quarter [4] - Plans are underway to integrate Disney+ and Hulu into a single app with a unified recommendation engine and additional content [4] Film Division Performance - The Disney film studio reported a loss of $21 million in Q3, down from a profit of $254 million in the same period last year, impacted by underperforming films from Pixar and Marvel [5] Workforce Adjustments - Disney has laid off hundreds of employees in its film and television divisions amid a broader industry contraction [6]