00:00Elsewhere in the world of earnings, Disney is gaining after the company beat estimates thanks to stronger streaming profits and
00:05solid demand at theme parks.
00:07Let's get more with Bloomberg Intelligence media analyst Geetha Raghunath.
00:10And Geetha, what were your takeaways?
00:12Yeah, as you pointed out, Danny, the two parks that matter most for Disney, which are, you know, the parks
00:18and streaming and both those delivered really strong results.
00:21I think coming into this quarter, investors were definitely very, very concerned about the health of the parks, just kind
00:26of given the general consumer softness that we've seen.
00:30And also some commentary from Universal Parks, from Comcast, suggesting that there was a slowdown in their domestic parks.
00:36But, you know, what we saw from Disney was exactly the opposite.
00:39Their parks profit rose by 20 percent versus consensus expectations of 10.5 percent.
00:45And really what they pointed to was very, very strong attendance trends, both of the domestic parks.
00:51And very strong per capita spending.
00:53And so I think that really allays a lot of fears.
00:55And then on streaming, we saw them kind of more than, you know, outperform expectations.
01:00Again, getting to a 13 percent operating margin.
01:03Now, remember, operating margin is really what matters in this business.
01:06And everybody is trying to get to that north star of about 20, 25, 30 percent where Netflix is.
01:12But it looks like Disney is making really, really good progress on that front.
01:15Now, they announced a tie-up with TikTok.
01:18And I'm wondering if that's offense or defense for them.
01:21I think it's a little bit of both.
01:23So, Mike, as you know, Netflix is the first one to really kind of get into this vertical video or
01:28the short-form video content.
01:29And really what this is, is, you know, the streaming wars are not really just competing with, you know, your
01:35streaming, rival streaming services.
01:38It's really competing against YouTube, against TikTok.
01:41I don't know.
01:41Yeah.
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