People visit Shanghai Disney Resort during a media preview of the world's first Zootopia theme park
Disney theme parks post strong performance in 2022 as fans return after Covid-19 shutdowns, especially in Shanghai ©Ali Song/Reuters

Disney said it would double spending on theme parks, resorts and cruise lines to $60 billion over the next decade, sending its shares lower despite a boost from business units that have driven profit growth in the past year.

Disney shares fell more than 3% following Tuesday’s announcement and have fallen nearly 25% in the past year.

Disney theme parks performed strongly in 2022 as fans returned after Covid-19 shutdowns, and international parks saw a similar rebound this year, particularly in Shanghai.

Disney’s streaming business continues to lose money and box office disappointments come amid strength in the parks.

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