The Walt Disney Co. beat Wall Street expectations in its latest quarterly earnings report. The company reported revenue of $21.8 billion and net income of $1.1 billion, with earnings per share of $1.06.
Wall Street expectations were for revenue of $18.78 billion and EPS of $0.58.
The streaming business is where Wall Street is placing much of its focus, and the company updated its efforts in the space Wednesday, with Disney+ adding 11.8 million subscribers last quarter to hit 129.8 million total. Hulu added 6.6 million subscribers to reach 45.3 million subs (likely driven by an aggressive Black Friday offer at a $1 per month rate), and ESPN+ added 4.2 million subscribers to reach 21.3 million.
Average revenue per user (ARPU) improved significantly at Disney+ to $6.68, up 15 percent from a year prior, thanks to fewer wholesale customers.
Still, the company’s quarter was significantly better than the same quarter a year prior, when most parts of the business were still being impacted by the novel coronavirus pandemic.
Theme parks in particular saw a significant turnaround, generating revenue of $7.2 billion, more than double the same quarter a year prior.
Disney’s linear networks had revenue of $7.7 billion, about flat from the same quarter a year ago, with direct-to-consumer rising by 34 percent year over year to $4.7 billion.
Costs at all of the company’s streaming and linear businesses were on the rise, driven by increasing productions costs and sports rights.
Disney+ Reaches 130M Subscribers, Beats Wall Street Estimates – The Hollywood Reporter
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