Walt Disney Co DIS shares are trading higher Thursday after the company reported better-than-expected financial results and strong streaming subscriber growth.
Disney said fiscal third-quarter revenue jumped 26% year-over-year to $21.5 billion, which beat average analyst estimates of $20.49 billion, according to data from Benzinga Pro. The company reported adjusted quarterly earnings of $1.09 per share, which beat average analyst estimates of $1 per share.
Disney said it added 14.4 million Disney+ subscribers in the third quarter, bringing total subscribers up to 152.1 million. The average monthly revenue per paid subscriber for domestic Disney+ decreased from $6.62 to $6.27 in the quarter. The average monthly revenue per paid subscriber for international Disney+ increased from $5.52 to $6.31.
Disney also said it had higher volumes and increased spending at its parks in the third quarter.
"We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services," said Bob Chapek, CEO of Disney.
Related Link: Disney Q3 Earnings Highlights: Revenue And EPS Beat, 152.1 Million Disney+ Subscribers And More
Analyst Assessment:
- Keybanc analyst Brandon Nispel maintained Disney with an Overweight and raised the price target from $131 to $154.
- Guggenheim analyst Michael Morris upgraded Disney from Neutral to Buy and raised the price target from $110 to $145.
- Goldman Sachs analyst Brett Feldman maintained Disney with a Buy and raised the price target from $130 to $140.
- JPMorgan analyst Philip Cusick maintained Disney with an Overweight and lowered the price target from $175 to $160.
- Wells Fargo analyst Steven Cahall maintained Disney with an Overweight and raised the price target from $130 to $145.
DIS Price Action: Disney has a 52-week high of $160.32 and a 52-week low of $90.23.
The stock was up 9.11% at $122.69 at press time, according to Benzinga Pro.
Photo: StockSnap from Pixabay.
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