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Walt Disney Results Beat in Q3 on Strength in Disney+, Theme Parks

Published 08/12/2021, 04:10 PM
© Reuters. Walt Disney Earnings, Revenue Beat in Q3

By Yasin Ebrahim

Investing.com - Walt Disney (NYSE:DIS) reported Thursday third-quarter earnings and revenue that beat analysts forecasts, led by better-than-expected Disney+ performance and a return to profit in its theme parks and resorts business.

Walt Disney shares gained 5% in after-hours trade following the report.

Walt Disney announced earnings per share of 80 cents on revenue of $17.02 billion. Analysts polled by Investing.com anticipated EPS of 55 cents on revenue of $16.76 billion.

Disney’s parks, experiences and products business saw revenue soar 307.6% to $4.3 billion from the same period last year. "Theme parks and resorts resumed operations, generally at reduced capacity, at various points since May 2020 through June 2021 and we have commenced an ongoing return of cruise ship sailings and guided tours," the company said.

Disney+, its streaming business, reported new subscriber adds of 116 million for the quarter, but average monthly revenue per subscriber fell 10% to $4.16. The
"We continue to introduce exciting new experiences at our parks and resorts worldwide, along with new guest-centric services, and our direct-to-consumer business is performing very well, with a total of nearly 174 million subscriptions across Disney+, ESPN+ and Hulu at the end of the quarter, and a host of new content coming to the platforms," said Bob Chapek, Chief Executive Officer, The Walt Disney Company.

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

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