Disney reported strong fiscal third-quarter results, beating analysts' expectations for revenue and earnings per share. Total operating income across the company's business segments increased 19% year-over-year to $4.225 billion, and total revenue increased 4% to $23.155 billion.

The streaming business achieved a significant milestone, with Disney's integrated streaming services (Disney+, Hulu and ESPN+) becoming profitable for the first time, one quarter ahead of expectations. The Streaming Media business reported an operating profit of $47 million, a significant improvement from the $512 million loss in the same period last year. This success was primarily driven by growth in subscription revenue due to price increases and an increase in the number of Disney+ core subscribers.

The number of Disney+ core subscribers grew 1% to 118.3 million. Hulu also saw an increase in subscribers, with total subscribers up 2% to 51.1 million. The company announced that it will further increase the price of its streaming services to continue to drive this momentum.

Revenue in the Entertainment segment increased 4% to $10.58 billion, largely due to the strong performance of streaming services. However, revenues from traditional television networks declined 7%, reflecting a shift in consumer preference toward streaming platforms.

While the entertainment and sports segments drove revenue growth, the U.S. theme park business was challenged by slowing consumer demand and inflation. Overall Experiences segment revenue, which includes domestic and international parks and experiences and consumer products, grew 2% to $8,386 million. Of this, operating revenues at U.S. parks declined 6%, while operating revenues at international parks increased 2%.

Despite the weak performance of U.S. domestic parks, Disney CFO Hugh Johnston emphasized that the company's overall business is performing well. Disney has committed to investing approximately $60 billion in its theme park business over the next decade to remain competitive.

Disney's theme park performance is in line with industry trends, and rival Comcast has reported pressure on its Universal theme parks due to competition from cruise ships and international travel. However, both companies are optimistic about the long-term prospects of their theme park businesses.

In summary, Disney's strong performance in streaming and overall financial performance demonstrates its ability to adapt to consumer preferences, while challenges in the theme park business highlight the need for continued innovation and investment in this traditional area of strength.