"D'Amaro, 54, has led the unit that delivers most of Disney's profits since 2020."
"We are pleased with the start to our fiscal year, and our achievements reflect the tremendous progress we've made."
Bob Iger's latest quarterly results triggered a 7% decline in Disney's stock, leaving shares almost 8% lower over the past year while the S&P 500 rose more than 15%. Josh D'Amaro is expected to replace Iger; D'Amaro has led Disney's theme parks unit since 2020 and that unit delivers most of the company's profits. Revenue rose 5% to $26 billion while total segment operating income fell 9% to $4.6 billion. Entertainment operating income dropped 35% to $1.1 billion and Sports fell 23% to $191 million. Experiences posted $10 billion in revenue, up 6%, and operating income of $3.3 billion, up 6%, comprising 38% of revenue and 72% of segment operating income. Disney's streaming business has grown but remains behind Amazon, Netflix, and YouTube and has been costly.
Read at 24/7 Wall St.
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