The results show that a turnaround started by Iger was paying off. Since he returned, Disney has cut back on original content for its streaming service after a spending spree under predecessor Bob Chapek that led to streaming quarterly losses of $1.5 billion in November 2022.

Old Hollywood is finally doing what Netflix Inc. has been doing for over a decade: making money from streaming.

Disney on Thursday reported fourth-quarter adjusted profits that surpassed Wall Street's expectations. Driven by strong performances from its entertainment division and streaming services, these results highlight the company's successful strategy in capitalizing on high-demand content and digital offerings.

Disney’s streaming business and studio gained momentum in the September quarter, while its cable and theme park profit engines lost steam, underscoring the diverse set of challenges the entertainment giant faces as it positions itself for the future.