The results show that a turnaround started by Iger was paying off. Since he returned, Disney has cut back on original content for its streaming service after a spending spree under predecessor Bob Chapek that led to streaming quarterly losses of $1.5 billion in November 2022.

Old Hollywood is finally doing what Netflix Inc. has been doing for over a decade: making money from streaming.

Disney on Thursday reported fourth-quarter adjusted profits that surpassed Wall Street's expectations. Driven by strong performances from its entertainment division and streaming services, these results highlight the company's successful strategy in capitalizing on high-demand content and digital offerings.