Better than expected earnings for Disney
Disney reported recently that it is returning strong post-pandemic with solid revenue numbers. It also exceeded expectations for its new streaming services.
Disney reported fiscal third-quarter results last Thursday that beat Wall Street’s estimates and also showed impressive user growth for Disney+, making it the primary competitor for Netflix.
Disney posted revenues of $17.02 billion, compared to the $16.8 billion expected, according to the consensus projections compiled by Bloomberg.
However, for Disney and its investors, the company’s nearly two-year-old streaming platform Disney+ is the most critical thing, as it marks a major part of the company’s forward strategy.
Total subscribers at Disney+ grew to 116.0 million, exceeding expectations for a total of 113.1 million. In fact, Disney+ grew to more than 100 million subscribers in less than two years, since launching in late 2019.
“We ended the third quarter in a strong position, and are pleased with the company’s trajectory as we grow our businesses amidst the ongoing challenges of the pandemic,” said Disney CEO Bob Chapek. “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.”