DISNEY SEES 34% REVENUE INCREASE AS GUEST POUR BACK INTO THEME PARKS AND CRUISES

Thu 10 February 2022:

According to financial results released Wednesday, revenue for the Walt Disney Company increased by 34% from October to December 2021.

Revenues increased to more than $21.8 billion in the company’s first fiscal quarter, which ended on January 1, 2022.

This is up from $16.2 billion in the same time the previous year.

Revenues from parks, experiences and products doubled year-on-year to $7.2 billion from $3.6 billion.

Subscribers to its streaming service Disney+ also topped analysts’ estimates with 129.8m against 125.8m expected.

Bob Chapek, Chief Executive Officer, The Walt Disney Company, said: “We’ve had a very strong start to the fiscal year, with a significant rise in earnings per share, record revenue and operating income at our domestic parks and resorts, the launch of a new franchise with Encanto, and a significant increase in total subscriptions across our streaming portfolio to 196.4 million, including 11.8 million Disney+ subscribers added in the first quarter.”

“This marks the final year of The Walt Disney Company’s first century, and performance like this coupled with our unmatched collection of assets and platforms, creative capabilities, and unique place in the culture give me great confidence we will continue to define entertainment for the next 100 years.”

Disney said that the coronavirus pandemic negatively impacted its parks, experiences and products, noting “our theme parks and resorts were closed and cruise ship sailings and guided tours were suspended.”

The company noted that some international operations continue to be affected by mandatory COVID-19-related capacity and travel restrictions.

Disney’s stock price soared 9.6% on the Dow Jones in after-hours trading.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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