The Walt Disney Company reported their third-quarter results, and things look pretty good. Disney’s numbers exceeded analyst consensus estimates, and the company’s stock is up more than 2% following the results.
Disney Parks, Experiences, and Products had revenue of $4.3 billion, which represented a huge increase of $3 billion versus Q3 2020 when the pandemic hammered the company’s operations and parks only brought in $1 billion.
When comparing Q3 2021 vs. 2021 profits, the picture was equally dramatic. Last year, the parks lost $1.8 billion in the third quarter. This year, they earned $356 in profits.
What a difference a year makes.
Investors are especially interested in the performance of Disney+, the direct-to-consumer streaming brand. That part of the company did well, ending the quarter with 116 million subscribers vs. analyst projections of 113 million.
We ended the third quarter in a strong position, and are pleased with the Company’s trajectory as we grow our businesses amidst the ongoing challenges of the pandemic. We continue to introduce exciting new experiences at our parks and resorts worldwide.
– Bob Chapek, Chief Executive Officer
Glad to see Disney parks are making money once again?