Disney reports strong third quarter results

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Xinhua News

11th August 2022 – (Los Angeles) The Walt Disney Company on Wednesday reported a revenue of 21.5 billion U.S. dollars for its third fiscal quarter of 2022, up 26 percent from the same period last year.

Diluted earnings per share (EPS) from continuing operations for the quarter ending July 2 increased to 0.77 dollars from 0.5 dollars in the prior-year quarter. Excluding certain items, diluted EPS for the quarter increased to 1.09 dollars from 0.8 dollars in the prior-year quarter, according to Disney’s latest quarterly earnings report.

The U.S. entertainment giant said its direct-to-consumer revenues for the quarter increased 19 percent to 5.1 billion dollars and operating loss increased 0.8 billion dollars to 1.1 billion dollars.

The company’s flagship streaming service, Disney+, added 14.4 million subscribers during its third fiscal quarter, pushing its global total to 152.1 million. Disney now have 221.1 million total subscriptions across its streaming offerings, including Disney+, Hulu and ESPN+.

“Higher subscription revenue was due to subscriber growth and increases in retail pricing, partially offset by an unfavorable foreign exchange impact. The increase in subscribers as well as in technology and marketing costs reflected growth in existing markets and, to a lesser extent, expansion to new markets,” the company noted in its quarterly earnings report.

Disney Parks, Experiences and Products revenues for the quarter increased to 7.4 billion dollars compared to 4.3 billion dollars in the prior-year quarter. The company said that higher operating results for the quarter reflected increases at domestic parks and experiences and, to a lesser extent, at international parks and resorts. 

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