Shares of The Walt Disney Company surged Thursday as fourth-quarter revenue and adjusted profit topped analysts' estimates and the entertainment giant laid out initial projections for the next three fiscal years.

The streaming profit and studio are bright spots, while income from cable and theme parks declines.

Disney on Thursday reported fourth-quarter adjusted profits that surpassed Wall Street's expectations. Driven by strong performances from its entertainment division and streaming services, these results highlight the company's successful strategy in capitalizing on high-demand content and digital offerings.

Disney shares rocketed higher in Thursday trading after the major studio, led by CEO Bob Iger, reported its latest quarterly results, including strong film unit results, driven by the likes of Deadpool & Wolverine and Inside Out 2.