Disney (NYSE: DIS) reported its fiscal earnings in the first quarter after the market closed Thursday, removing any doubt about the importance of its flow ambitions. The company’s direct-to-consumer services (DTC) reach more than 146 million paid subscribers. Disney said membership for its flagship service Disney + rose to 94.9 million, adding more than 21 million in the first quarter alone. New members were attracted by hits such as The Mandalorian and WandaVision.
Even more surprisingly, Disney reported a surprising profit of $ 17 million or earnings per share of $ 0.02, although it was down 98% compared to the previous quarter. Revenue of $ 16.2 billion fell 22% year-on-year, but from $ 14.7 billion in the third quarter, respectively. The company also burned $ 685 million in cash during the quarter.
(Left to right) Paul Bettany is Vision and Elizabeth Olsen is Wanda Maximof in a scene from Marvel Studios’ WandaVision. Image source: Disney.
Revenue from the DTC business yielded heavy work and rose to $ 3.5 billion, up 73%. The company’s other streaming networks did their part as ESPN + subscribers rose to 12.1 million, up 83% from a year ago, while total Hulu subscribers rose 30% to 39.4 million.
Broadcasting and cable TV (linear networks) increased the line by 2% to $ 7.7 billion. Unfortunately, Disneyland Resort in California closed due to the pandemic, with the partial closure of Disneyland Paris and Hong Kong Disneyland. This weighed on Disney’s Parks, Experiences and Products segment as revenue fell 53% to $ 3.6 billion.
Disney CEO Bob Chapek chose to see the glass half full. “We believe that the strategic actions we take to transform our company will increase our growth and increase the value of shareholders, as evidenced by the incredible progress we have made in our DTC business, and more than 146 million ” Paid total subscriptions to our streaming services at the end of the quarter, ” he said.