Disney tops earnings forecast, sending shares surging amid pressure from Nelson Peltz

Financial Performance - The company reported earnings of $1.22 per share, exceeding analysts' expectations of 99 cents per share [1] - Quarterly revenue was $23.5 billion, slightly below the projected $23.6 billion but comparable to the previous year [1] - The company cut $500 million in costs during the quarter and is on track to achieve over $7.5 billion in savings by the end of the fiscal year [2] Shareholder Returns - The board authorized a $3 billion share repurchase program for the current fiscal year [1] - A dividend of 45 cents per share was declared, representing a 50% increase from the previous dividend paid in January [1] Business Segments - The Experiences unit, which includes theme parks, achieved record revenue, operating income, and operating margins [3] - The streaming business reduced operating losses to $138 million, a significant improvement from nearly $1 billion a year ago [3] - The Entertainment unit's streaming business reported revenue of $5.5 billion, marking a 15% improvement from the previous year [4] Subscriber Trends - Disney+ lost 1.3 million subscribers, nearly double the expected loss of 700,000, following a price increase [4] - The company anticipates gaining 5.5 million to 6 million Disney+ subscribers in the next quarter [4] Content Performance - The weak box office performance of "The Marvels" and "Wish" negatively impacted content sales and licensing [5] - The sports division reported revenue of $4.8 billion, a 4% increase from the previous year, but faced an operating loss of $103 million [5] Theme Park Success - Theme park revenue was boosted by new attractions, with the unit reporting $9.1 billion in revenue and $3.1 billion in operating income [6]