The Walt Disney Co. swung to a loss in its second quarter because of restructuring and other charges, but adjusted profit topped expectations and theme parks continued to strengthen.

Wall Street reacted negatively to the report with the company’s stock down 9.5% to $105.39 at closing.

Revenue at Disney’s domestic theme parks rose 7%, while its theme parks overseas reported a 29% increase.

The company reported more spending by guests at Walt Disney World because of higher ticket prices, while Disneyland guests boosted their spending due to ticket prices and hotel room rates.

Overseas, Hong Kong Disneyland benefited from the opening of World of Frozen, which includes rides based on the popular “Frozen” movies, in November.

Similar to many tourist destinations, Disney is continuing to adjust to post-pandemic travel.

“While consumers continue to travel in record numbers, and we are still seeing healthy demand, we are seeing some evidence of a global moderation from peak post Covid travel,” Chief Financial Officer Hugh Johnston said during the call.

For the period ended March 30, Disney lost $20 million, or a penny per share. That compares with a profit of $1.27 billion, or 69 cents per share, a year ago.

Disney leaders said they expect the combined streaming businesses to be a meaningful future growth driver for the company, with further improvements in profitability in fiscal 2025.

The direct-to-consumer business, which includes Disney+ and Hulu, posted quarterly operating income of $47 million compared with a loss of $587 million a year earlier. Revenue rose 13% to $5.64 billion.

For the combined streaming businesses, which includes Disney+, Hulu and ESPN+, second-quarter operating loss shrunk to $18 million from $659 million, while revenue improved to $6.19 billion from $5.51 billion. Disney+ core subscribers climbed by more than 6% in the second quarter.

Yet the improved picture for Disney on streaming arrives with its cable business in decline. That segment saw revenue slide 8% in the most recent quarter.

“Looking at our company as a whole, it’s clear that the turnaround and growth initiatives we set in motion last year have continued to yield positive results,” CEO Bob Iger said in a prepared statement.

Speaking during Disney’s conference call, Iger said that the company plans to add an ESPN tab to Disney+ by the end of the year, a maneuver previously made with Hulu. This will give U.S. subscribers access to some live sports and studio programming within the Disney+ app.

Iger also said that next month the company will start cracking down on password sharing for its streaming service in some markets, and will expand that crackdown globally in September.

It’s the first financial report since shareholders rebuffed efforts by activist investor Nelson Peltz to claim seats on the company board last month, standing firmly behind Iger as he tries to energize the company after a rough stretch.

Disney said that due to its second-quarter performance, it now has a full-year adjusted earnings per share growth target of 25%. It previously predicted growth of at least 20%.

The Burbank, California, company’s revenue rose to $22.08 billion from $21.82 billion a year earlier, slightly lower than Wall Street estimates of $22.13 billion.