Disney Powers Ahead In Streaming, With Disney+ Reaching 164.2M Subscribers, But Fiscal Q4 Results Fall Short Of Wall Street Targets In Some Areas
09.11.2022 - 00:09
/ deadline.com
Is Disney suddenly giving off Netflix vibes?
The media giant reported powerhouse streaming numbers in its fiscal fourth quarter, with flagship service Disney+ surging to 164.2 million global subscribers, but some key financial metrics fell short of Wall Street expectations.
Total revenue of $20.15 billion in the period ending October 1 increased 9% over the year-ago quarter. Earnings per share, meanwhile, tumbled 19% to 30 cents on a diluted basis. Wall Street analysts’ consensus forecast for revenue was $21.44 billion and EPS was 56 cents.
The company’s Media and Entertainment Distribution division saw its revenue slump 3% to $12.7 billion, while Parks, Experiences and Products jumped 36% on the continued bounce-back of theme parks and travel after lengthy Covid setbacks.
Direct-to-Consumer revenues for the quarter increased 8% to $4.9 billion and operating loss increased by$800 million to $1.5 billion. The increase in operating loss was due to a higher loss at Disney+ and adecrease in results at Hulu, partially offset by improved results at ESPN+, the company said.
Disney+ jumped 12.1 million subscribers from the previous quarter. Although the growth curve was less steep for the other two services in the portfolio, Hulu and ESPN+, the former reached 47.2 million subscribers and the latter ESPN+ got to 24.3 million. Taken together, the tally of 235.7 million direct-to-consumer subscribers exceeded Wall Street expectations by several million.
The story was less rosy on the traditional TV front. Linear Networks revenues for the quarter decreased 5% to $6.3 billion, and operating income increased 6% to $1.7 billion. One lagging component of the Linear Networks unit was International Channels, whose revenue fell 18% to
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