Walt Disney's (DIS) Q4 FY23 profit topped Wall Street analysts' forecasts as visitor traffic increased across its theme parks in Shanghai and Hong Kong.

Q4 adjusted earnings per share nearly tripled over the prior year. And all three of its core businesses, Entertainment, Experiences, and Sports saw significant increases in Q4 operating income compared to Q4 of fiscal 2022. Walt Disney said it added nearly 7 million Disney streaming subscribers in the quarter, including "Guardians of the Galaxy Vol. 3" and the original series "Star Wars: Ahsoka."

As a result, Walt Disney (DIS) shares rose 3% to $87.14 in after-hours trading Wednesday after the company reported stellar results and also said it would cut another $2 billion in spending.

In per share numbers, Walt Disney reported adjusted earnings of 82 cents per share for the fiscal Q4 ended Sept. 30, beating the average estimate of 70 cents. The company also reported quarterly revenue of $21.2 billion, however, just broadly in line with consensus estimates.

Disney said it expects to save $7.5 billion annually as the company decided to proactively manage costs.