Hold onto your Mickey Mouse hats because Disney just spun out some financial figures that even Scrooge McDuck might quack about! In their latest fiscal quarter magic show, Disney managed to dazzle the number-crunchers by beating analyst expectations and trimming the fat on their streaming losses. That’s right, revenue hit the target, coming in right where the crystal ball, er, analysts predicted.
Now, gather ’round for the main event! Disney’s streaming twins, Disney+ and Hulu, have finally struck gold—or at least stopped burning through it like a popcorn machine on movie night. For the first time ever, these digital darlings turned a profit this quarter. Even when you toss ESPN+ into the mix, the streaming trio only lost a tiny $18 million, a vast improvement from last year’s eye-watering $659 million loss. That’s less of a financial sinkhole and more of a financial puddle!
But wait, there’s more! The revenue from entertainment streaming (sans ESPN+) shot up 13% to a hefty $5.64 billion, and they even scored a cool $47 million in operating income after last year’s $587 million fiasco. How? More folks joined the Disney+ bandwagon and they started shelling out more dough per user. Talk about a fairy-tale turnaround!
Disney+ itself added over 6 million subscribers, bumping its global fanbase to a whopping 117.6 million. Hulu’s crowd grew a modest 1% to 50.2 million subscribers, while ESPN+ saw a slight dip, shedding 2% to sit at 24.8 million.
Disney’s CEO, Bob Iger, practically did a victory dance, praising the stellar performance of both their parks and streaming services. He’s eyeing a profitable horizon for all streaming ventures by the fourth quarter, so fingers crossed!
Not to be outdone, the U.S. parks and international experiences segments were not just sitting ducks. Domestic parks revenue climbed 7% to $5.96 billion, and overseas adventures skyrocketed 29% to $1.52 billion, thanks to bustling crowds and pricier tickets at Hong Kong Disneyland Resort.
Despite these enchanting developments, Disney did report a slight hiccup—a $20 million loss attributed to the company, a stark contrast to last year’s handsome $1.27 billion profit. But, fear not! Adjusting for some corporate housekeeping, Disney still conjured up a profit of $1.21 per share.
However, in a twist that could make even the Mad Hatter spill his tea, Disney shares took a 5% tumble in premarket trading. Maybe investors just need a little pixie dust to see the magic!
