Disney reported better-than-expected third-quarter earnings Wednesday, aided by its theme parks and continued growth of its all-important Disney+ service.
The Burbank, Calif.-based company posted earnings per share of 1.09 on revenue of $21.5 billion. Wall Street expected adjusted EPS of 96 cents on revenue of $21 billion.
The Mouse House said Wednesday that Disney+, which boasts flicks like “Lightyear,” “Encanto” and “Turning Red,” nabbed 14.4 million new subscribers in the quarter for a total of 152.1 million.
Analysts expected 10 million new sign-ups.
Disney CEO Bob Chapek previously predicted Disney+ to add between 230 million to 260 million subscribers by fiscal 2024.
“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,” Chapek said. “We continue to transform entertainment as we near our second century, with compelling new storytelling across our many platforms and unique immersive physical experiences that exceed guest expectations, all of which are reflected in our strong operating results this quarter.”
Disney’s streaming numbers were in stark contrast to rival Netflix, which recently experienced a loss of 1 million subscribers in its most recent quarter. It still leads the pack with roughly 221 million sign-ups.
The company said revenue at theme parks, which includes Disney World and Disneyland, reached $7.4 billion, marking an increase of 72%
Analysts predicted $1.78 billion in revenue from the division.
Chapek has been slowly raising ticket, merchandise and food costs amid skyrocketing demand for the parks in order to reverse pandemic-era losses, which shuttered its theme parks.
In recent months, customers have slammed the Mouse House and Chapek for the price hikes on social media, even as attendance at Disneyland and Disney World continue to rise.
[Written in collaboration with other media outlets with information from the following sources]
