Moana 2' helped float a solid fiscal first quarter for Disney with studio profit riding the strong box office of the animated sequel that’s topped $1 billion worldwide.

There were some oversized expectations for the animated film but “Moana 2", originally intended as a series for the company’s streaming service before it was produced for the big screen — blew predictions out of the water. Its five-day opening set a new record for Thanksgiving moviegoing.

Walt Disney Co. reported first-quarter earnings as the company faces a number of challenges, despite recent box office success including a hit animated sequel.

"Moana 2" and another profitable quarter for Disney+ and Hulu helped Disney beat forecasts for revenue and earnings for the December 2024 quarter.

Disney (DIS) reported first quarter earnings on Wednesday that beat expectations as the media and entertainment giant reported a profit in its streaming segment while its parks business faced setbacks in the midst of two back-to-back hurricanes and greater cruise ship investments.