Disney reports sharp profit growth in the fourth quarter and an expansion of its cost-cutting drive

By DAVID HAMILTON
AP Business Writer

SAN FRANCISCO (AP) — Walt Disney Co. has reported sharp profit growth for its fiscal fourth quarter while announcing an expansion of its cost-cutting drive under returning CEO Bob Iger. The results topped Wall Street expectations and sent shares in the entertainment and theme park company up more than 3% in after-hours trading. Disney said its net income jumped 63% to $264 million in the quarter that ended Sept. 30, up from $162 million a year earlier. The company credited cost-cutting and other efficiencies from restructuring as well as continued subscription growth in its streaming business and a 30% increase in operating income from its parks and similar “experiences” compared to the prior year.