- Disney (DIS.US) stock jumped over 8.0% before the opening bell after the entertainment giant posted better than expected quarterly results partially thanks to higher spending at its domestic theme parks and most importantly rising number of Disney+ subscriptions.
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Company earnings increased by over 36.0% YoY to $1.09 per share, beating Refinitiv analysts’ estimates of 96 cents,
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Revenue rose 26% to $21.5 billion and topped Wall Street expectations of $20.96 billion,
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Disney+ total subscriptions rose to 152.1 million, well above market projections of 147.76 million, according to StreetAccount
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Overall number of subscribers increased to 221 million and Disney overtook Netflix as the world's biggest platform,
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Parks and Experiences revenues jumped to $7.4 billion, topping the analysts’ projections and rising more than 70% from last year as visitors returned to re-open resorts and cruises around the world, particularly in Hong Kong and the United States.
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“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 CEO Bob Chapek. "With 14.4 million Disney+ subscribers added in the fiscal third quarter, we now have 221 million total subscriptions across our streaming offerings.”
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“We continue to transform entertainment as we near our second century, with compelling new storytelling across our many platforms and unique immersive physical experiences that exceed guest expectations, all of which are reflected in our strong operating results this quarter,” he added.
Disney (DIS.US) stock price broke above upper limit of the local 1:1 structure and approaches major resistance at $125.70 which coincides with 61.8% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
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