Reportedly, the Walt Disney Company (DIS) released fiscal Q3 earnings beating estimates as user growth at its Disney+ platform performed ahead of expectations. Revenue of $17.02 billion was reported for the quarter ending July 3, versus $16.80 billion expected, and adjusted earnings per share of 80 cents were reported versus 55 cents expected.
Total subscribers at Disney+ increased to 116.0 million, slightly exceeding estimates for a total of 113.1 million. The increase was welcome news for investors as May, had posted its weakest quarter for user growth since its debut with new subscribers rising by 8.7 million only.
Disney’s broad library of content on Disney+ and its other streaming platforms played a significant role in its success to date. ESPN+ subscribers increased by 75% year-over-year in the third quarter to 14.9 million, with a strong viewership of live sports helping boost viewership.
In films, Marvel’s “Loki”, and “Black Widow” delivered success in theatrical releases and on Disney+, boosting Disney’s business during the quarter. Disney’s global theme parks including Disneyland Paris and Disneyland in California which had been closed earlier this year had reopened by the end of the third quarter.
Disney’s parks, experiences, and consumer products business segment bounced back to an operating profit of $356 million during the quarter, after posting a loss of about $1.9 billion in the same three-month period last year. The entertainment giant reiterated its guidance from last quarter saying it expected to spend around $1 billion on safety measures for employees, talent, and guests in fiscal 2021.
Dow 30 Component, The Walt Disney Company (DIS), and its subsidiaries is a diversified worldwide entertainment company that operates in four business segments: Studio Entertainment, Media Networks, Parks and Resorts, and Consumer Products & Interactive Media. To learn more about this Dow 30 Component, The Walt Disney Company (DIS), and to continue to track its progress please visit the Vista Partners Walt Disney Company, Coverage Page.
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