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Disney parks business roars back as company beats earnings expectations, stock soars

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Bob Chapek, CEO of the Walt Disney Company and former head of Walt Disney Parks and Experiences, speaks during a media preview of the D23 Expo 2019 in Anaheim, California, Aug. 22, 2019.
Patrick T. Fallon | Bloomberg via Getty Images

Disney reported earnings for its fiscal first quarter after the bell.

The stock popped more than 8% in extended trading on the news.

Here are the results.

Earnings per share: $1.06 adj. vs 63 cents expected, according to a Refinitiv survey of analysts
Revenue: $21.82 billion vs $20.91 billion expected, according to Refinitiv
Disney+ total subscriptions: 129.8 million vs 125.75 million expected, according to StreetAccount

Disney+ subscriptions beat estimates, even as executives previously said they expect subscriber growth for Disney+ to be stronger in the second half of the year compared to the first, with original content being released on the platform in Q4 2022.

The subscriber number includes nearly 12 million Disney+ subscriptions added in the first quarter. The service also saw average revenue per user (ARPU) in the U.S. and Canada grow to $6.68 per month from $5.80 a year ago.

Disney’s parks, experiences and consumer products division saw revenues reach $7.2 billion during the quarter, double the $3.6 billion it generated in the prior-year quarter. The segment saw operating results jump to $2.5 billion compared to a loss of $100 million in the same period last year.

Disney said the growth in revenue came as more guests attended its theme parks, stayed in its branded hotels and booked cruises.

The company’s consumer products business saw revenue fall 8.5% to $1.5 billion following the closure of a substantial portion of its Disney-branded retail stores during the second half of 2021.

This story is developing. Check back for updates.

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