DisneyThe bright third-quarter results were released after trading on Thursday, with subscriber growth, revenue and earnings all beating Wall Street expectations.
According to the financial report, Walt Disney Company's third-quarter revenue rose 44.5% year-on-year to $17.02 billion, with the market expecting $16.76 billion; adjusted earnings per share were $0.80 and the market expected $0.55.
Walt Disney Company said that the company's streaming service Disney+ reached 116 million subscribers in the third quarter, and the market expected 114.5 million, compared with 103.6 million in the previous quarter. The average monthly income per Disney+ subscriber fell 10 per cent year-on-year to $4.16.
Analysts are still optimistic that Walt Disney Company will achieve the target of 230 million-260 million subscribers by 2024.
Walt Disney Company said that by the end of the third quarter, Disney+, ESPN+ and Hulu had nearly 174 million subscribers. Its revenue directly from the consumer division rose 57% to $4.3 billion. Content sales and licensing revenue fell 23% to $1.7 billion in the quarter.
In addition, it is worth noting that Walt Disney Company's theme park department has returned to profit for the first time since the beginning of the COVID-19 epidemic.
Revenue from Walt Disney Company's Paradise, experience and products division rose 307.6 percent to $4.3 billion in the third quarter, as all its parks in the United States reopened in the third quarter, resulting in an increase in visitors and consumer spending, and an operating profit of $356 million, compared with a loss of $1.87 billion a year earlier, according to the results.
Walt Disney Company's domestic parks in the United States relaxed restrictions in April, increasing the number of visitors. The revival of the theme park department is crucial to Walt Disney Company. The division, which includes cruise ships and hotels, accounted for 37 per cent of the company's total revenue of $69.6 billion in 2019.
Walt Disney Company's shares rose more than 5 per cent in after-hours trading after the results were announced. The company's shares closed up 0.67% at $179.29 on Thursday.