Walt Disney Co DIS reported fiscal first-quarter financial results after market close Wednesday. Here are the key details.
What Happened: Disney reported first-quarter revenue of $21.8 billion, up 34% year-over-year and ahead of a consensus estimate of $18.6 billion, according to Benzinga Pro.
Disney reported earnings per share of $1.06, handily beating the 61 cents per share estimate.
The company saw its media and entertainment segment hit revenue of $14.6 billion, up 15% year-over-year.
The company’s parks, experiences and resorts segment had revenue of $7.2 billion, up over 100% year-over-year. This marked the second consecutive quarter of the parks, experiences and resorts segment having revenue growth of 99% or more on a year-over-year basis.
Domestic parks and experiences revenue increased to $4.8 billion in the quarter compared to $1.5 billion in the same period last year, showing a rebound in the segment.
Disney reported a non-cash loss of $432 million in fair value of its stake in DraftKings Inc DKNG in the quarter.
“We’ve had a very strong start to the fiscal year, with a significant rise in earnings per share, record revenue and operating income at our domestic parks and resorts, the launch of a new franchise with ‘Encanto,’ and a significant increase in total subscriptions across our streaming portfolio,” said Disney CEO Bob Chapek.
Related Link: Could Disney Be Entering The Livestreaming Market?
Streaming Growth: Chapek highlighted Disney ending the quarter with 196.4 million subscribers across its multiple streaming platforms.
Disney ended the quarter with 129.8 million subscribers for Disney+, up 37% year-over-year. A total of 11.8 million Disney+ subscribers were added in the first quarter.
Domestic Disney+ subscribers were up 18% at 42.9 million, while International Disney+ subscribers (excluding Hotstar) grew 40% to 41.1 million.
Disney reported average revenue per user of $4.41 for Disney+. This comes after the company reported a decline in average revenue per user for overall Disney+ users in the fourth quarter.
Hulu had 45.3 million subscribers in the first quarter, up 15% year-over-year, while ESPN+ ended the quarter with 21.3 million subscribers, up 76%.
DIS Price Action: Shares are up 9% to $160.23 in after-hours trading at the time of writing.
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