Disney Q2 Earnings Highlights: Details On Revenue Beat, Disney+ Subs And How All Of The Mouse's Streaming Platforms Performed
Media giant The Walt Disney Company (NYSE: DIS) reported second-quarter financial results after the market close Wednesday. Here are the key highlights.
What Happened: Disney reported second-quarter revenue of $21.82 billion, which was up 13% year-over-year. The revenue total beat a Street consensus estimate of $21.79 billion, according to data from Benzinga Pro.
The company reported earnings per share of 93 cents in the second quarter, in line with estimates.
“We’re pleased with our accomplishments this quarter, including the improved financial performance of our streaming business, which reflect the strategic changes we’ve been making throughout the company to realign Disney for sustained growth and success,” Disney CEO Bob Iger said.
The company reported revenue of $14.04 billion for its Media & Entertainment segment, up 3% year-over-year. Revenue for the Parks, Experiences and Product segment was $7.78 billion, up 17% year-over-year.
Operating income was down 42% for the media division and up 23% for the parks division on a year-over-year basis.
Higher guest volume and guest spending in theme parks was highlighted as the key to growth for the parks segment.
The media division saw linear television revenue of $6.63 billion, down 7% year-over-year; DTC revenue of $5.51 billion, up 12% year-over-year; and content sales/licensing revenue of $2.2 billion, up 18% year-over-year.
Related Link: Trading Strategies For Disney Stock After Q2 Earnings
Streaming Numbers: The direct-to-consumer segment saw higher revenue and also posted an improvement in operating income, with a loss of $659 million, a 26% improvement year-over-year.
The following are the subscriber figures for streaming platforms at the end of the second quarter and the results compared to the previous quarter:
- Disney+ Domestic: 46.3 million, -1%
- Disney+ International excluding Hotstar: 58.6 million, +2%
- Disney+ Hotstar: 52.9 million, -8%
- Total Disney+: 157.8 million, -2%
- ESPN+: 25.3 million, +2%
- Hulu SVOD: 43.7 million, flat
- Hulu Live TV: 4.4 million, -2%
- Total Hulu: 48.2 million, flat
The average revenue per Disney+ subscriber improved to $7.14 for domestic subscribers, up 20% quarter-over-quarter. The overall average revenue per Disney+ subscriber improved 13% quarter-over-quarter to $4.44.
DIS Price Action: Disney shares are down 2% to $98.90 in after hours trading.
Photo courtesy of Disney.
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