Disney (DIS) fiscal Q1 2022 earnings

Disney reported earnings for its fiscal first quarter Wednesday that beat analyst estimates on earnings per share and revenue.

The stock popped about 8% in extended trading on the news.

Here are the results.

  • Earnings per share: $1.06 adj. vs 63 cents expected, according to a Refinitiv survey of analysts
  • Revenue: $21.82 billion vs $20.91 billion expected, according to Refinitiv
  • Disney+ total subscriptions: 129.8 million vs 125.75 million expected, according to StreetAccount

Strong streaming numbers

McCarthy said the company is not at a point of steady expenses for Disney+, but said they “expect to have made significant progress by fiscal 2023.”

In an interview with CNBC’s Julia Boorstin, CEO Bob Chapek said Disney is bidding for NFL Sunday Ticket, diving even deeper into streaming.

Though Netflix shares fell during its most recent report when it showed slowing subscriber growth, Chapek reiterated guidance of 230 million to 260 million Disney+ subscribers by 2024.

On the company’s call with analysts, Chapek indicated releases on Disney+ could continue to be an important distribution channel for its original content.

“We do not subscribe to the belief that theatrical distribution is the only way to build a Disney franchise,” he said, pointing to the success of its recent hit, “Encanto.”

Parks business roars back

Disney’s parks, experiences and consumer products division saw revenues reach $7.2 billion during the quarter, double the $3.6 billion it generated in the prior-year quarter. The segment saw operating results jump to $2.5 billion compared to a loss of $100 million in the same period last year.

Disney said the growth in revenue came as more guests attended its theme parks, stayed in its branded hotels and booked cruises.

McCarthy noted that Disney’s domestic parks, particularly its Florida-based locations, have yet to see a significant return in ticket sales from international travelers, which pre-pandemic accounted for 18% to 20% of guests.

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