Walt Disney Shares Surge 6% on Q3 Beat, Adds 14.4 Million Disney+ Subscribers

August 10, 2022 4:31 PM EDT

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

Walt Disney (NYSE: DIS) shares rose more than 6% after-hours following the company’s reported Q3 results, with EPS of $1.09 coming in better than the consensus estimate of $0.98. Revenue grew 26% year-over-year to $21.5 billion, beating the consensus estimate of $20.99 billion.

Disney Media and Entertainment Distribution segment revenues grew 11% year-over-year to $14.1 billion in Q3. Linear Networks revenues increased 3% year-over-year to $7.2 billion. Direct-to-Consumer revenues increased 19% year-over-year to $5.1 billion. Content Sales/Licensing and Other revenues increased 26% year-over-year to $2.1 billion.

Disney Parks, Experiences and Products segment revenue increased 70% year-over-year to $7.4 billion, reflecting improved results at international parks and resorts, primarily due to growth at Disneyland Paris, partially offset by a decrease at Shanghai Disney Resort.

“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. With 14.4 million Disney+ subscribers added in the fiscal third quarter, we now have 221 million total subscriptions across our streaming offerings,” said Bob Chapek, CEO of the company.

The company announced an ad-supported Disney+ subscription tier, expected to launch in the U.S. on December 8. The new comprehensive slate of subscription plans will be made available across Disney+, Hulu, ESPN+, and the Disney Bundle, providing viewers flexibility in choosing the option that best suits their needs.

By Davit Kirakosyan

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Earnings, Hot List

Related Entities