The Walt Disney Company posted second-quarter fiscal 2022 adjusted earnings, which rose +36.7% from the year-ago quarter to $1.08 per share. However, the figure missed the Zacks Consensus Estimate by -10%.
The entertainment giant’s revenues surged + 23% year over year to $19.24 billion but missed the consensus mark by 4.96%.
Revenues from Media and Entertainment Distribution (70.8% of revenues) rose +9.5% year over year to $13.62 billion.
Linear Networks segment registered a 5.5% year over year increase to $7.11 billion. Direct-to-Consumer revenues climbed 22.6% year over year to $4.9 billion. Content Sales/Licensing and Other revenues, however, fell -2.6% year over year to $1.86 billion.
Parks, Experiences and Products revenues (34.6% of revenues) jumped +109.6% year over year to $6.65 billion.
The company’s ESPN+ platform had 22.3 million paid subscribers at the end of the fiscal second quarter compared with 13.8 million at the end of the year-ago quarter.
Disney+ had 137.7 million paid subscribers as of Apr 2, 2022, rising from the year-ago quarter’s 103.6 million. The figure beat the Zacks Consensus Estimate for paid subscribers of 135.2 million.
Looking ahead, , Disney expects continued investments in content for third-quarter fiscal 2022, which push programming and production costs up at Media and Entertainment Distribution.
But Disney also indicated that closures of theme parks in Asia due to COVID-19 could reduce operating income by up to $350 million in the fiscal third quarter.