{"id":128876,"date":"2022-08-17T19:37:28","date_gmt":"2022-08-17T19:37:28","guid":{"rendered":"https:\/\/fin2me.com\/?p=128876"},"modified":"2022-08-17T19:37:28","modified_gmt":"2022-08-17T19:37:28","slug":"walt-disney-q3-results-beat-street-on-subscriber-growth-shares-up-5","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/walt-disney-q3-results-beat-street-on-subscriber-growth-shares-up-5\/","title":{"rendered":"Walt Disney Q3 Results Beat Street On Subscriber Growth; Shares Up 5%"},"content":{"rendered":"

Shares of Walt Disney Co. (DIS) gained over 5% in extended trading on Wednesday after the entertainment<\/span> and media conglomerate reported its third-quarter results, with earnings beating Wall Street estimates, as streaming subscribers increased and revenues from theme park surged.<\/p>\n

Burbank, California-based Disney reported third-quarter profit of $1.41 billion or $0.77 per share, compared with last year’s profit of $918 million or $0.50 per share.<\/p>\n

Adjusted earnings for the quarter were $1.09 per share, up from $0.80 per share last year. On average, 13 analysts polled by Thomson Reuters estimated an earnings of $1.00 per share.<\/p>\n

Revenues for the quarter jumped 26% to $21.50 billion from last year’s $17.02 billion last year. Analysts had a consensus revenue estimate of $20.62 billion.<\/p>\n

“We had an excellent quarter, with our world-class creative and business<\/span> 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, Chief Executive Officer, The Walt Disney Company. <\/p>\n

Disney Parks, Experiences and Products revenues surged 70% to $7.39 billion from $4.34 billion last year. Disney Media and Entertainment Distribution segment revenues gained 11% to $14.11 billion from $12.68 billion last year.<\/p>\n

Direct-to-Consumer revenues, which includes Hulu, ESPN+ and Disney+ services, increased 19% to $5.06 billion. Disney+ subscribers surged 31% to 152.1 million from 116.0 million last year. Meanwhile, Hulu recorded 8% subscriber growth to 46.2 million subscribers and ESPN+ subscriber growth surged 53% to 22.8 million.<\/p>\n

Meanwhile, the average monthly revenue per paid subscriber for domestic Disney+ decreased from $6.62 to $6.27 due to a higher mix of subscribers to multi-product offerings, partially offset by an increase in retail pricing, the company said.<\/p>\n

DIS closed Wednesday’s trading at $112.51, up $4.38 or 4.05%, on the NYSE. The stock further gained $6.14 or 5.46% in the after-hours trading. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Walt Disney Co. 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