The Walt Disney Co (NYSE:DIS) is trading higher Friday after the company announced better-than-expected financial results.
Disney reported adjusted quarterly earnings of 80 cents, which beat the estimate of 56 cents. The company reported quarterly revenue of $17.02 billion, which beat the estimate of $16.8 billion.
Disney announced that revenue from its Parks, Experiences and Products was up more than 100% year over year.
The company said its Disney+ paid subscribers reached 116 million, up from 57.5 million year over year. Hulu subscribers reached 42.8 million, representing a 21% increase year over year. ESPN+ subscribers reached 14.9 million, up from 8.5 million year over year.
“We continue to introduce exciting new experiences at our parks and resorts worldwide, along with new guest-centric services, and our direct-to-consumer business is performing very well, with a total of nearly 174 million subscriptions across Disney+, ESPN+ and Hulu at the end of the quarter, and a host of new content coming to the platforms," said Bob Chapek, CEO of Disney.
Price Action: Disney has traded as high as $203.02 and as low as $117.23 over a 52-week period.
At last check Friday, the stock was up 5.14% at $188.50.
Photo by Gary Ullah from Pixabay.
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