Disney posted its fiscal first quarter results that beat analysts’ expectations.
The entertainment behemoth’s adjusted earnings for the quarter came in at 32 cents per share, while analysts polled by Factset had expected an adjusted loss of -34 cents per share. The year-ago quarter’s earnings were $1.53 per share.
Revenue of $16.25 billion also topped expectations of $15.90 billion. But the figure is below the year-ago quarter’s $20.86 billion.
The average monthly revenue per paid Disney+ subscriber was $4.03, which is almost -30% lower from the year-ago period. According to the company, the decrease is due to the launch of Disney+ Hotstar, its collaboration with Star India's Hotstar.
The company’s streaming platform Disney+ surpassed 94.9 million subscribers -- exceeding the company’s initial subscriber goal of 60 million to 90 million by 2024 back in November. The company now expects Disney+ will have 230 million to 260 million subscribers by 2024.
Number of paid subscribers of Disney+, ESPN+ and Hulu combined was 146 million.
Total direct-to-consumer revenues for the quarter surged +73% year-over-year to $3.5 billion. The segment’s operating loss was -$466 million, down from from $1.1 billion.
Disney's parks segment experienced a - 53% year-over-year drop in revenue to $3.6 billion, amid the coronavirus pandemic.