Walt Disney’s fourth-quarter profit beat analysts’ Wall Street’s earnings expectations led by higher attendance at its Shanghai and Hong Kong theme parks. Walt Disney share price rose 3% in after-hours trading to $87.14 on Wednesday after the entertainment company’s better-than-expected results and announcement of cutting additional $2 billion in expenses.

Walt Disney reported adjusted per-share earnings of 82 cents for the fiscal fourth quarter ended September 30, topping an average forecast of 70 cents, according to LSEG data. The company’s quarterly revenue of $21.2 billion was largely in line with consensus estimates, Reuters reported.

Disney says it is on track to achieve $7.5 billion in annualized savings, as it aggressively manages costs.

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In a call with investors, Chief Executive Officer Bob Iger said the added cost cutting will move Disney from “an era of fixing to an era of building.”

The company also plans to ask its board to reinstate a dividend payment to shareholders by the end of 2023, interim Chief Financial Officer Kevin Lansberry said.

Walt Disney said it added nearly 7 million Disney streaming subscribers in the quarter, with the inclusion of “Guardians of the Galaxy Vol. 3″ and the original series “Star Wars: Ahsoka.”

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Disney and Disney Hotstar together boast 150.2 million subscribers, ahead of Visible Alpha’s estimate of 147.4 million, Reuters reported.

“Our results this quarter reflect the significant progress we’ve made over the past year,” Iger said in a statement. “While we still have work to do, these efforts have allowed us to move beyond this period of fixing and begin building our businesses again.”

Disney’s streaming services, which includes Hulu and ESPN, reported narrowing of its quarterly losses to $387 million from $1.47 billion a year earlier, due to price hikes and higher ad revenue.

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The company said its streaming business remains on track to reach profitability by September 2024.

Disney’s newly named Experiences group, which includes its theme parks and resorts, and cruise lines and consumer products, reported nearly $1.8 billion in operating income in the quarter, up 31% from a year ago, Reuters reported.

Higher attendance at Shanghai Disney, Hong Kong Disneyland and Disneyland resorts, and growth of the cruise businesses, helped offset lower results at Walt Disney World in Florida.

Disney’s Entertainment unit, which includes its television networks, its films studio and its Disney and Hulu services, posted operating income of $236 million in the quarter, compared with losses of $608 million a year ago.

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(With inputs from Reuters)