Disney

• Disney reported strong earnings and revenue, with both topping   estimates, for the first quarter of 2022.

• 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.