The Walt Disney Company has reported its earnings for its first fiscal quarter ended January 1, 2022 – beating analyst estimates and seeing its parks, experiences and consumer products division bounce back.
The company reported revenues for the period of $21.82 billion – a 34% jump from the period ending 2 January 2021 ($16,249 billion).
Notably, Disney’s parks, experiences and consumer products division saw revenues climb to $7.2 billion during the quarter, double the $3.6 billion it generated in the period for the prior year.
Operating results at the segment also grew to $2.5 billion compared to a loss of $100 million in the same period last year.
However, the company’s consumer products business saw revenue fall 8.5% to $1.5 billion following the closure of a substantial portion of its Disney-branded retail stores during the second half of 2021.
Disney+ subscriptions, meanwhile, also beat estimates, with almost 12 million subscribers added in the first quarter.
The company’s TV and film productions are also still recovering from the impact of the pandemic. Income from its co-production of Spider-Man: No Way Home with Sony offset losses on other titles released during the quarter.
“We’ve had a very strong start to the fiscal year, with a significant rise in earnings per share, record revenue and operating income at our domestic parks and resorts, the launch of a new franchise with Encanto (pictured), and a significant increase in total subscriptions across our streaming portfolio to 196.4 million, including 11.8 million Disney+ subscribers added in the first quarter,” said Bob Chapek, ceo of The Walt Disney Company.
“This marks the final year of The Walt Disney Company’s first century, and performance like this coupled with our unmatched collection of assets and platforms, creative capabilities, and unique place in the culture give me great confidence we will continue to define entertainment for the next 100 years.”