Disney increased profit forecasts for its streaming and experiences businesses in its current fiscal year, signs that it is gaining momentum in two key areas as its legacy TV business struggles.

The entertainment giant is counting on more consumers subscribing to Disney+, Hulu and ESPN together, as well as spending more on theme parks and cruise ships, to help it move past an industrywide decline in traditional television viewership and unsteady box-office returns.

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Disney said in earnings released Wednesday that it expected to generate $1.3 billion of operating income from its direct-to-consumer streaming business in the fiscal year that ends in September, up from an earlier forecast of $1 billion.

The Burbank, Calif., company also expects operating income from the division that includes theme parks, cruise ships and consumer products to grow 8% in the current fiscal year—at the top end of previously stated guidance.

Together, those forecasts indicate that the company behind Mickey Mouse and Luke Skywalker is successfully homing in on a path forward after years of disruption caused by the pandemic, the shift to digital entertainment consumption and an unsuccessful attempt at succession.

Overall for the June quarter, Disney’s revenue increased 2% from the same period last year to $23.65 billion. Net income attributable to the company was $5.26 billion, roughly double from the period a year earlier. Much of that increase came from a one-time tax benefit related to Hulu. Earnings per share grew 16% to $1.61, excluding the Hulu tax benefit and other costs.

Revenue was in line with Wall Street analysts’ estimates, while earnings were higher, according to FactSet. Disney shares fell about 1.3% in premarket trading.

Revenue from Disney’s linear television networks fell 15% in the quarter to $2.27 billion, and operating income dropped 28% to $697 million due to a declining number of subscribers, viewers and ad rates.

The direct-to-consumer business generated $346 million of operating income compared with a $19 million loss last year. Growth was driven by more subscriber revenue and lower programming costs, though ad revenue declined.

Disney+ added 1.8 million subscribers during its fiscal third quarter. Hulu added 900,000 subscribers for a total of 51.2 million, excluding its live television offering. Subscriptions to ESPN+ were flat at 24.1 million.

The company forecast its Disney+ and Hulu subscriber count would increase by more than 10 million during the current quarter, though much of that gain will come as a result of a deal with cable-giant Charter Communications.

Disney will soon launch an expanded streaming version of ESPN with the same content available on its cable channels. It will cost $29.99 a month and for the first 12 months there will be no additional charge to package it with Disney+ and Hulu—a bid to pull sports fans into the company’s full entertainment offering.

Disney on Tuesday announced a sweeping deal with the National Football League under which the league will take a 10% stake in ESPN in return for control of key media assets, including NFL Network. ESPN will also be allowed to sell the NFL+ Premium direct-to-consumer service alongside its own streaming service.

Separately, ESPN and TKO Group’s World Wrestling Entertainment reached a more than $1.6 billion agreement for exclusive rights to major WWE events starting in 2026.

Experiences revenue grew 8% to $9.09 billion in the June quarter, and operating income was up 13% at $2.52 billion, with the biggest increases coming from Disney’s domestic parks and cruise business. The company said Walt Disney World had its biggest fiscal third quarter ever despite new competition from Comcast’s Epic Universe, located near Walt Disney World in Orlando.

“I know there’s lots of concern about the consumer in the United States right now. We don’t see it,” Disney Chief Financial Officer Hugh Johnston said on CNBC Wednesday.

Theatrical distribution results were down compared with last year, when Disney released the huge hit “Inside Out 2.” The quarter was a mixed bag at the box office, with the $1 billion grossing “Lilo & Stitch” remake balanced against dismal results for “Elio,” the lowest-grossing film in Pixar’s history outside of the pandemic.

Marvel’s May release “Thunderbolts” grossed a little over $400 million—the latest in a string of disappointments for Disney’s superhero studio that was once a hit machine.

Write to Ben Fritz at ben.fritz@wsj.com

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