This image illustrates the close-up of a hand holding the TV remote control displayed in front of the Disney + logo.
Thiago Prudencio | SOPA photo | Light Rocket | Getty Images
Shares of Disney rose 2% after the company closed on Wednesday after reporting an unexpected increase in streaming subscribers across all its media platforms.
Here are the results.
- Earnings per share: $ 1.08 adj
- Revenue: $ 19.25 billion, which includes a 1 billion loss as a result of early termination of some licensing agreements
- Disney + Total Subscriptions: 137.7 million vs. 135 million expected, according to StreetAccount
The stock move comes after the company’s stock hit a 52-week low of $ 104.79 early Wednesday.
Disney reported total Disney + subscriptions rose to 137.7 million in the second quarter of the financial year, more than 135 million analysts had predicted, according to StreetAccount. In addition, the average revenue per user (ARPU) for domestic Disney + customers was% 6.32, up 5%.
“Our strong results in the second quarter, including great performance in our domestic parks and continued growth of our streaming services – added 7.9 million Disney + subscribers to the quarter and total subscriptions across all our DTC offers exceeded 205 million – proving once again that we are our own. I’m in a league, “said CEO Bob Chapek in a statement on Wednesday.
Investors were keen to see Disney’s subscription numbers after Netflix posted customer losses in its most recent quarter and predicted more customer drop-offs in the future.
Shares of Disney have fallen 30% since January and more than 40% over the same period last year, as investors wonder if the company could sustain its streaming growth and question how inflation and a potential recession could affect its other business ventures.
The company has shown signs of recovering from the Covid ban.
Disney’s park, experience and product segments more than doubled to $ 6.7 billion in revenue this quarter compared to the same period last year. The agency said the growth was due to increased attendance, hotel bookings and cruise ship rides, as well as higher ticket prices and higher spending on food, beverages and merchandise.
Disney says its indoor parks are beginning to see a return from international travelers, but not at the level the company saw before the epidemic. This group of visitors once had 18% to 20% of the guests.
In addition, not all of its international parks were open full time last quarter. As Paris Disneyland celebrates its 30th anniversary, Shanghai Disneyland has temporarily closed its gates due to a local coveted spike.
This is a breaking news story. Please look back for updates.