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Walt Disney Company reports Q3 2023 earnings with disappointing results at Walt Disney World

Disney has reported its Q3 earnings, including lacklustre results at Walt Disney World here in Florida.

Walt Disney Company reports Q3 2023 earnings with income and visitors to Walt Disney World down

Disney revealed it's Q3 earning on Wednesday, with Disney stock up 2.81 (3.21%) in after hours trading following the release of the figures.

Disney reported revenue of $22.33 billion for the quarter ended July 1, up 4% from a year ago but short of the Wall Street average estimate of $22.5 billion.

Looking at Disney's Parks, Experiences and Products specifically which includes Walt Disney World here in Orlando, overall the division reported an increase from the previous quarter, thanks to a particularly strong performances from international parks and the Disney Cruise Line. The weak spot for the division is domestically, with numbers down thanks to a poor quarter at Walt Disney World.

Disney's Parks, Experiences and Products reported a 13% increase in revenue in the quarter, to $8.3 billion, and an 11% bump in operating income to $2.4 billion.

The results were led by growth at Shanghai Disney, which has fully reopened after Covid-19., and while Parks, Experiences and Products had an increase in revenue due to its international parks and cruise line, the division had lower income at its domestic parks, due to a decrease in revenue cased by lower visitor numbers, and hotel room purchases at Walt Disney World.

The soon to be shuttered Star Wars: Galactic Starcruiser has also cost Disney dearly, with the closure of the experience costing the company an approximately $100 million accelerated depreciation charge.

Also domestically Disney Vacation Club has reported lacklustre numbers, with lower unit sales.

Disney CEO Bob Iger commented on the poor Walt Disney World results and the decline in visitor numbers, offering up the explanation that the decline was in part because of higher visitor numbers in the previous year due to what he described as a "highly successful 50th-anniversary celebration."

Iger, also put the decline down to demand levelling off in Florida following the post-COVID rush to get back to the resort. He pointed out that overall, Walt Disney World is still performing well above pre-COVID levels, 21% higher in revenue and 29% higher in operating income compared to fiscal 2019 - adjusted for Star Cruiser accelerated depreciation.

Despite higher ticket costs and room rates at Walt Disney World, Iger highlighted that Walt Disney World continues to see positive guest experience ratings.

Walt Disney Company reports Q3 2023 earnings with income and visitors to Walt Disney World down

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