The company reported record results in its parks, experiences and products segment, Chapek said. The division, which includes the company’s theme parks, resorts, cruise line and merchandise business, saw revenue increase more than 34% to $7.4 billion during the quarter. Still, Wall Street had slightly higher hopes for the division: Analysts were expecting parks revenue of $7.5 billion, according to StreetAccount.
Operating income for the division rose more than 66% to $1.5 billion as spending increased at its domestic and international parks and consumers booked voyages on its new cruise ship, the Disney Wish. The parks unit, specifically, brought in $815 million in operating income, well shy of the $919 million expected by StreetAccount.
Disney blamed higher costs and said they were only partially offset by higher ticket revenue, driven by the introduction of the Genie+ and Lightning Lane guest offerings.