The Walt Disney Company posted strong financial results for its third fiscal quarter ended July 3, 2010, including increased revenue and slimmed losses at its games business.
The firm’s interactive media division cut its losses from $75 million (£47.7m) during the same period last year to $65 million (£41.3m), while revenue jumped 74 per cent to $197 million (£125.3m), driven by sales of Toy Story 3 and Split Second.
“Improved operating results were primarily due to higher self-published videogame sales at Disney Interactive Studios, reflecting the performance of current quarter releases, partially offset by higher marketing costs,” the company said in its financial report.
The wider company reported a 40 per cent increase in Q3 profit to $1.33 billion (£826,930), while revenue jumped 16 per cent to $10 billion (£6.4b).
“We’re very pleased with our strong third quarter, in which we grew revenues substantially and improved profitability across the majority of our businesses,” said Disney CEO Robert Iger. “Our performance underscores the value of sticking to a smart strategy even in tough times, of investing in the right people, and of focusing relentlessly on quality and innovation to drive growth in shareholder value.”