Disney rakes in impressive Euro 3.4 billion quarterly earnings
Disney is celebrating an unexpected multi-billion-dollar win — the entertainment titan reported a stunning quarterly profit of $3.4 billion, a giant leap from last year's measly $216 million. This impressive haul comes courtesy of a Disney+ subscriber surge and increased spending at Disney theme parks.
The company's revenue for January to March increased a whopping seven percent year-over-year to $23.6 billion, as announced on Wednesday. This surge in profit is a far cry from last year's dip due to a write-off.
Disney+ welcomed 1.4 million new subscribers, bumping up the total number of paying users to a whopping 126 million. Since analysts predicted a slight decrease, and the platform had already seen a slight drop last quarter, this growth is a delightful surprise. Disney+ has managed to turn a profit since last summer, five years after its launch.
The business segment containing Disney+, film studios, and cable channels, raked in nearly $11 billion in revenue, up a hearty nine percent. Other core businesses include the ESPN+ sports streaming service and theme parks. In exciting news, Disney announced plans for another Disneyland in Abu Dhabi, its seventh overall.
It's worth noting that Disney+'s impressive subscriber growth, combined with price hikes, has substantially boosted its streaming revenue. The Direct-to-Consumer (DTC) operating income rose a significant $289 million to $336 million, marking the fourth consecutive profitable quarter for this segment.
Disney's financial strength is further reinforced by the stellar performance of its Experiences segment, particularly theme parks and cruise lines. This segment churned out an impressive $2.5 billion in operating income during Q2, up $200 million from the previous year, with revenue jumping to $8.89 billion (up six percent).
Sources: ntv.de, AFP
The $3.4 billion quarterly profit announced by Disney, driven by Disney+ and theme parks, is a remarkable increase from the previous year's $216 million, showcasing the entertainment giant's thriving financial state. This surge is attributed to a significant growth in Disney+ subscribers, now totaling 126 million, defying analysts' predictions of a decrease.
Disney+'s Direct-to-Consumer (DTC) operating income has seen a substantial boost, rising $289 million to $336 million, thanks to both subscriber growth and price hikes, marking the fourth consecutive profitable quarter for this segment.
Moreover, the Experiences segment, including theme parks and cruise lines, has performed exceptionally well, generating an operating income of $2.5 billion during Q2, a $200 million increase from the previous year, with revenue jumping to $8.89 billion (up six percent).
Plans for another Disneyland in Abu Dhabi, the seventh overall, were also announced, further indicating Disney's ongoing expansion in the entertainment business.
