Josh D'Amaro leads Disney to record quarterly revenue in experiences division despite global travel slump
Josh D'Amaro, the CEO of Disney, reported that the company's experiences division achieved record quarterly revenue for the fiscal third quarter. The division, which includes theme parks, cruise lines, and resorts, saw a 10% year-over-year revenue increase to nearly $10 billion. This growth occurred despite a general 6% drop in international travel to the United States, which was influenced by factors such as travel bans and geopolitical unease. Disney's domestic park attendance rose by 3% and guest spending increased by 4%. Chief Financial Officer Hugh Johnston attributed this success to targeted marketing and promotions, such as the Cool Kids Summer promotion, and the expansion of the cruise fleet. Additionally, the company reported adjusted earnings per share of $2.06, beating analyst forecasts of $1.86. The administration announced that Disney will use $1.2 billion in proceeds from selling its stake in A+E Global Media to boost share buybacks to $9 billion this year. D'Amaro highlighted that Disney is performing significantly better than its competition during a period of macro uncertainty.