The Walt Disney Co. surpassed Wall Street expectations, posting revenue of $21.8B and net income of $1.1B, according to a press release by The Walt Disney on Wednesday.
- Disney+ subscriptions top estimates, even as executives stated they expect subscriber growth for Disney+ to be stronger in the second half of the year compared to Q1.
- The average revenue per user (ARPU) improved significantly at Disney+ to $6.68, increasing 15% from a year earlier due to fewer wholesale customers.
- The company’s quarter was significantly better than the same quarter last year when most parts of the business were still affected by the COVID-19 pandemic.
- Theme parks saw a significant turnaround, generating revenue of $7.2 billion, more than double the same quarter a year earlier.
Disney’s linear networks had revenue of $7.7B, almost the same as the same period last year, with direct-to-consumer surging 34% YoY to $4.7B. DIS up +7.45%, Pre-market trading.