Disney expands cost-cutting plan by $2 billion, posts better-than-expected profit

LOS ANGELES — Disney earnings topped expectations thanks in part to profit at ESPN+ and continued growth at theme parks, but a decline in ad revenue weighed on the top line.

Disney also said it plans to continue to “aggressively manage” its cost base, increasing its cost-cutting measures by an additional $2 billion to a target of $7.5 billion.