September 19, 2021

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Disney shares rise after strong quarter - E24

Disney shares rise after strong quarter – E24

Disney reported more subscribers and higher revenues than the market expected, while theme parks in the US are back in the red. The stock is skyrocketing in trading on Wall Street.

Disney beat market expectations across the board last quarter, as theme parks reopened.

On sung/Reuters

Posted:

Disney is working with skewed financial years, reports Thursday night Third quarter which runs from April to June.

The result is adjusted earnings per share of 88 cents, and a total turnover of $17.02 billion, equivalent to 150.6 billion crowns. Both numbers are better than the market expected.

Up front, Disney was expected to post adjusted earnings per share of 55 cents and sales of $16.8 billion, according to Bloomberg estimates.

Disney shares rose 4.4 percent in after-hours trading on Wall Street the same evening.

Parks in the US are making money again

Disney theme parks were also expected to report their first profit since the virus pandemic struck and forced the parks to close.

Earlier this spring, Disney reopened parks in California — but with a limited capacity. Over the summer and into June, the company reopened all of its parks around the world, and is now working to start cruise ship cruises and guided tours, according to the report.

Disney now reports that the theme park segment posted revenue of $4.3 billion for the quarter, and operating profit of $356 million.

In addition to amusement parks, this segment also includes income from products and experiences.

But only US theme parks are making a profit, with operating profit of $2 million. According to the report, international parks are still in deficit, with an operating profit of less than $210 million.

More subscribers

Streaming service Disney+ has kept it going through the pandemic. In the previous quarter, Disney beat market expectations for the number of paying subscribers, which is this time He counted 95 million.

Now the number of subscribers has grown to 116 million – higher than Bloomberg’s estimate of 113.1 million.

In addition, Disney also operates Hulu and ESPN+, and in total the services now have nearly 174 million users, according to today’s report.

Disney + has been launched I sent 2019Since then, it has competed with the giant Netflix.

After the virus pandemic, the streaming service released movies at the same time as the cinema premieres – with a small addition to the subscription price. Includes Marvel movie “Black Widow”.

Analysts believe this may have helped lower the film’s ticket revenue. Actress Scarlett Johansson, who takes a percentage of ticket proceeds from “Black Widow,” has sued the company for breach of contract.

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