Earnings per share for the group came in over 300% higher than the year-ago period to $1.06. Revenue climbed 34% to $21.81 bn thanks to improved Disney+ subscriptions, it’s streaming service, as well as a turnaround in its Covid-hit Disney Parks, Experiences and Products segment. The company also launched a new franchise “Encanto” in the period which was a hit.
Disney plus subscriptions totaled 129.8 million versus expectations for 125.75 million. This figure is up from 94.9 million paid subscribers in the same period last year, a 36.7% rise. Previously Disney had guided for a better second half of 2022 when a raft of original content is due to be released (mostly in Q4 2022).
Disney Parks, Experiences and Products revenue for the quarter doubled YoY to $7.2 billion (nearly reaching pre-Covid levels). Operating income came in at $2.5 billion compared to a loss of $100 million in Q1 of 2021 thanks to higher volumes and increased spending, but was partially offset by higher costs.
Content Sales and Licensing still exhibited weakness and has only recovered a third of its pandemic losses.
The house of mouse will continue to benefit from a loosening of Covid restrictions, bringing an end to production delays and shutdowns, as folks escape the confines of their couches for the interactive and immersive experiences Disney offers outside of the home.