The company’s total revenue rose 34% to $21.82 billion in the quarter ended January 1, beating analysts’ estimate of $20.91 billion.according to Refinitiv data.
Disney+, the company’s two-year-old streaming service, kept business afloat as the pandemic disrupted its theme parks, resorts and cruise ship operations. Now, easing of government restrictions and pent-up demand has led to strong attendance at national theme parks as fears of omicron have eased.
Net income from continuing operations was $1.15 billion, or 63 cents per share, in the quarter, compared with $29 million, or 2 cents per share, a year earlier. Investors are watching the streaming service’s growth trajectory relative to its ability to meet fiscal 2024 forecasts.
In November, Chief Executive Bob Chapek maintained the company’s earlier forecast of 230 million to 260 million Disney+ subscribers by the end of fiscal 2024. Disney has spent billions of dollars creating new shows to grab a piece of the online video market dominated by Netflix Inc., betting its future on a direct-to-consumer strategy.
During the first quarter, Disney+ premiered the first episode of “The Book of Boba Fett,” about the Star Wars bounty hunter; “The Beatles: Get Back,” a documentary series by filmmaker Peter Jackson, and “Hawkeye,” about the Marvel superhero.
Disney announced in November that it would offer a bundle of its three streaming services, Disney+, Hulu and ESPN+, for $13.99 a month.
Source: Ambito
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