The Votes Are In!
2024 Readers' Choice is back, bigger and better than ever!
View Winners → Business Aug 13, 2021
Photo courtesy of Ken Lund/Flickr
by
share with
Besting Wall Street estimates, the Burbank-based Walt Disney Co. reported a hefty 45% year-over-year jump in third-quarter revenue Thursday, thanks largely to the reopening of its parks following last year’s COVID- 19 shutdowns and continued interest in its streaming services.
“We ended the third quarter in a strong position, and are pleased with the company’s trajectory as we grow our businesses amidst the ongoing challenges of the pandemic,” said Bob Chapek, Disney CEO. “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.”
The company reported more than $17 billion in revenue for the quarter ending July 3, up 45% from $11.8 billion the same quarter last year. Disney reported diluted earnings per share of 80 cents.
Disney noted that despite the reopening of its theme parks, the company’s Parks, Experiences and Products segment continues to be impacted by “the suspension of cruise ship sailings” and reduced capacity at many of its businesses. There are also continued disruptions to film and television production affecting the company’s bottom line.
According to the company, Disney+ subscriptions have reached 116 million, double the number from a year ago. The company still reported losses at Disney+, attributable partially to higher programming and production costs, but offset thanks to a bump in subscription revenue and from money generated by subscribers who paid “Premier Access” fees for the film “Cruella.”
