Walt Disney Shares Surge 6% on Q3 Beat, Adds 14.4 Million Disney+ Subscribers
2022.08.11 00:02
Walt Disney Shares Surge 6% on Q3 Beat, Adds 14.4 Million Disney+ Subscribers
By Davit Kirakosyan
Walt Disney (NYSE:DIS) shares rose more than 6% after-hours following the company’s reported Q3 results, with EPS of $1.09 coming in better than the consensus estimate of $0.98. Revenue grew 26% year-over-year to $21.5 billion, beating the consensus estimate of $20.99 billion.
Disney Media and Entertainment Distribution segment revenues grew 11% year-over-year to $14.1 billion in Q3. Linear Networks revenues increased 3% year-over-year to $7.2 billion. Direct-to-Consumer revenues increased 19% year-over-year to $5.1 billion. Content Sales/Licensing and Other revenues increased 26% year-over-year to $2.1 billion.
Disney Parks, Experiences and Products segment revenue increased 70% year-over-year to $7.4 billion, reflecting improved results at international parks and resorts, primarily due to growth at Disneyland Paris, partially offset by a decrease at Shanghai Disney Resort.
“We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services. With 14.4 million Disney+ subscribers added in the fiscal third quarter, we now have 221 million total subscriptions across our streaming offerings,” said Bob Chapek, CEO of the company.
The company announced an ad-supported Disney+ subscription tier, expected to launch in the U.S. on December 8. The new comprehensive slate of subscription plans will be made available across Disney+, Hulu, ESPN+, and the Disney Bundle, providing viewers flexibility in choosing the option that best suits their needs.
