Disney tops earnings estimates as parks and streaming offer a boost

Disney posted mixed quarterly results on Wednesday, far surpassing Wall Street expectations for earnings while slightly missing estimates for revenue.

The company's quarterly results were once again lifted by its parks and streaming divisions.

Revenue for Disney's experiences segment, which includes global theme parks and cruises, was up 10% year over year to $9.97 billion. That growth came even as macroeconomic uncertainty continues to mount for consumers and appears to weigh on Disney's parks peers.

"Domestically we're doing extremely well right now," CFO Hugh Johnston told CNBC, noting that park attendance in the U.S. was up 3% and per capita spending increased 4%.

Johnston also called out the "very strong attendance" at Walt Disney World in Orlando, Florida.

"Those numbers are somewhat different than what you would have seen from our competitor down there, as well as some of the reported traffic coming through Orlando [International] Airport," he added.

Last month, Comcast's NBCUniversal reported that its Orlando theme parks saw lower attendance during its fiscal quarter, with executives pointing to "weakness in consumer sentiment and higher travel costs affecting demand."

The effects of the U.S.-Israel conflict with Iran and related jump in oil prices have weighed on consumers.

Meanwhile Disney's entertainment streaming business – primarily made up of Disney+ and Hulu – once again posted gains. Revenue for the segment increased 11% to $5.53 billion during the quarter. The growth was particularly propelled by an increase in streaming customers and price hikes as well as an increase in advertising revenue.

The overall entertainment segment, which also includes traditional TV and theatrical releases in addition to streaming, saw revenue rise 6% to $11.35 billion. The success of "Toy Story 5" in theaters provided a boost, with Disney noting the animated film has surpassed $1 billion at the global box office.

Disney has recently stopped reporting some metrics for the segment, such as a breakdown of revenue and operating income for its linear TV networks. It also no longer reports quarterly streaming subscriber numbers.

Overall, Disney's revenue rose 7% year over year to $25.25 billion during the quarter.