Disney's Streaming Success Drives Surge in Shares and Cost-Cutting Efforts

Disney's stock rose 3.5% after reporting better-than-expected earnings, a significant increase in streaming users, and plans to increase annual cost cuts. The company aims to achieve profitability by the end of fiscal 2024 and expects to grow free cash flow significantly. Disney+ added nearly 7 million subscribers globally, leading to a lower quarterly loss. The company credited the popularity of movies and original series for the streaming platform's success. Disney is set to launch a combined Disney+/Hulu streaming app for bundle subscribers in December and faces competition from Apple, Netflix, Amazon, Warner Bros. Discovery, Comcast, and others in the streaming market.