Disney posts solid 1Q results thanks to its theme parks and cost cuts [Video]

SAN FRANCISCO — The Walt Disney Co. on Wednesday posted stronger-than-expected earnings for the final three months of 2023, boosted by cost cuts and growing revenue from its theme parks business.

Disney earned $1.91 billion, or $1.04 per share, in its fiscal first quarter. That’s up 49% from $1.28 billion, or 70 cents per share, in the same period a year earlier. Excluding one-time accounting items, the company earned $1.22 per share in the latest quarter.

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Revenue was $23.55 billion, roughly the same as last year’s $23.51 billion.

Analysts, on average, were expecting earnings of 99 cents per share on revenue of $23.7 billion, according to a poll by FactSet.

Disney said it is making “significant cost reductions” and reduced its selling, general and other operations expenses by $500 million in the latest quarter. The company cut thousands of jobs …