Disney impresses with its latest earnings report

Disney impresses with its latest earnings report

The world-renown media and entertainment company topped Wall Street consensus for the most recent quarter

For fiscal Q3 2021, Disney reported an EPS of 80 cents on revenues of $17.02 billion. Both figures surpassed the 55 cents and $16.76 billion in revenues forecasts. The company topped the subscribers estimated for Disney+, with figures coming in at 116 million. Analysts were looking for 114.5 million subscribers for Q3.

Across Disney+, ESPN+ and Hulu, the company reported nearly 174 million subscriptions at the end of Q3. Revenue for its direct-to-consumer segments jumped 57% to $4.3 billion.

Parks, Experiences, and Products segment returned to profitability for the first time since the pandemic began. Still, parks alone are not yet profitable. The segment’s revenue surged 308% to $4.3 billion, as all of its parks were reopened during the fiscal Q3, and attendance and consumer spending rose. Mickey and Minnie, Star Wars, Disney princesses and Spider-Man merchandise garnered the highest revenue.

As the company continues to publish exclusive content, analysts believe Disney+ will reach its goal of 230 million – 260 million subscribers by 2024.

At the moment of writing, Disney share price was trading 5.51% higher.

Sources: cnbc.com, reuters.com

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