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Disney Beats Quarterly Expectations, Disney+ Soars to 152 Million Subscribers

The Walt Disney Co. powered up a solid June quarter, highlighted by way of a 14.4 million gain in Disney+ streaming subscribers and a robust rebound in theme park revenue topping Wall Street expectations of all metrics.

Disney+ paid customers stood at 152.1 million by July 2, the finish of the conglomerates third quarter of fiscal 2022. The pickup of 14.4 million for the flagship streamer beat analyst forecasts of a 10 million sequential gain.

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Disney reported $21.5 billion at the top line for the quarter ended July 2, up 26% year over year and fueled by way of a 70% revenue jump in the parks, experiences and products segment. Net gain rose 53%, to $1.4 billion, translating into adjusted earnings of $1.09 per share. Wall Street analysts typically expected Disney revenue to arrive at $20.62 billion with earnings of $1.00 per share, per Refinitiv data.

The strong gain for Disney+ comes as category leader Netflix shed subs in the initial 1 / 2 of 2022, while Warner Bros. Discovery said domestic HBO Max and Discovery+ customers declined in Q2.

Separately Wednesday, Disney announced price increases to arrive the fourth quarter of calendar 2022 for Disney+ and Hulu, in addition to a Dec. 8 launch date for the ad-supported Disney+ tier in the U.S.

We’d a fantastic quarter, with this 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, Disney CEO Bob Chapek said in prepared remarks.

The companys board recently reupped the principle execs contract through July 2025.

Disney now counts 221 million total subscriptions across its streaming offerings, such as Disney+, Disney+ Hotstar, Hulu and ESPN+.

The majority of the Disney+ gains in the newest quarter were beyond your U.S. and Canada, where in fact the service found just 100,000 to attain 44.5 million. International Disney+ subscribers increased by 6 million in the quarter, to 49.2 million, while Disney+ Hotstar obtainable in India and Southeast Asia found 8.3 million going to 58.4 million. Core Disney+ generated average monthly revenue per subscriber of $6.29 (up 3% year over year), weighed against $1.20 for Disney+ Hotstar (up 54%).

The U.S.-only Hulu service gained 600,000 paid subscribers, to attain 46.2 million total; which includes 4.0 million live-TV customers flat with the last quarter. ESPN+ found 500,000 customers sequentially, to stand at 22.8 million.

Disneys direct-to-consumer revenue was $5.06 billion for the quarter, up 19%, below Wall Street expectations of $5.2 billion, per FactSet. The operating loss for the DTC segment ballooned to $1.06 billion, versus $293 million in the year-earlier period.

Revenue for Disneys linear TV networks increased 3% to $7.2 billion, and operating income increased 13% to $2.5 billion.

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