The Walt Disney Company has reported earnings for its third fiscal quarter ending 3 July 2021, with consumer products proving to be a bright spot.
The company reported overall revenue of $17.02 billion for the period – beating the market’s expectations.
Disney’s Parks, Experiences and Products segment also returned to profitability for the first time since the pandemic began, although the parks by themselves are not yet profitable.
Revenue in the segment grew 308% to $4.3 billion, as all of Disney’s parks were re-opened during the fiscal third quarter and attendance and consumer spending rose, reported CNBC. Operating income stood at $356 million – this is compared with a loss of $1.87 billion during the same quarter last year.
Much of the profitability came from Disney’s consumer products business – this saw operating income reach $564 million.
This is thanks to strong demand for merchandise based on Mickey and Minnie, Star Wars – including Disney+ hit, The Mandalorian – Disney Princesses and Spider-Man.
The company also topped subscriber estimates for Disney+, coming in at 116 million.
Overall, Disney said it had nearly 174 million subscriptions across Disney+, ESPN+ and Hulu at the end of its third quarter. Revenue for its direct to consumer segments increased 57% to $4.3 billion.