Investing.com -- Walt Disney on Wednesday lifted its annual outlook after fiscal first-quarter results topped Wall estimates as cost cuts in its streaming giant bolstered performance.

Walt Disney Company (NYSE: DIS) shares gained 5% in after-hours trade following the report.

Walt Disney reported adjusted earnings per share of $1.22 on revenue of $23.55 billion. Analysts polled by Investing.com anticipated EPS of $1 on revenue of $23.75.

The beat on the bottom line comes as the company's cost cutting plan led to over $500 million in savings across the enterprise in the first quarter, with Disney saying it remains on track to exceed our $7.5 billion annualized savings target by the end of fiscal 2024.

Looking ahead, the company said it now expects adjusted full-year fiscal 2024 EPS to increase by at least 20% compared with 2023, to approximately $4.60.

For Q2, the company's streaming service Disney+ is forecast to rack up core subscriber net additions of between 5.5 million and 6 million, the company said,

The company also announced in an interview with CNBC on Wednesday that it had made a $1.5 billion stake in EPIC games to jointly create Disney universe that will be shopping, gaming and entertainment, marking the company's biggest foray into the gaming space.