Disney+ Subscriptions Near 130 Million, Beating Expectations in Earnings Report
Walt Disney Co. DIS 3.33% reported better-than-expected subscription numbers for its Disney+ streaming service in the recently completed quarter, reversing a slowdown in sign-ups.
Disney+ reported 129.8 million subscribers at the end of the holiday quarter, up from 118.1 million subscribers in the prior quarter. Analysts polled by FactSet expected 124.7 million subscribers.
The world’s largest entertainment company posted $21.82 billion in revenue for the quarter, compared with $16.25 billion a year earlier. Analysts were expecting the company to report revenue of $20.27 billion.
Sales at its theme parks and consumer products division, which includes Walt Disney World and Disneyland resorts, were $7.23 billion, buoyed by increasing strength in outdoor travel. Analysts expected $6.36 billion.
The company said its domestic parks and resorts reported record revenue and operating income.
Wednesday’s results were Disney’s first earnings report since longtime executive Robert Iger left the company as executive chairman at the end of December. Disney named Susan Arnold as his successor as board chairman.
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