Disney’s US parks and resorts roared back to life with record revenues in the first quarter of the year as overall revenues for the group surged ahead of analysts’ expectation to hit $21.82bn.
Revenues in its parks, experiences and consumer products division hit $7.2 billion during the quarter, double the $3.6 billion it generated in the prior-year quarter, bosses said yesterday, after the easing of covid restriction in the US saw guest pour into theme parks and cruises.
Subscribers to its streaming service Disney+ also topped analysts’ estimates with 129.8m against 125.8m expected.
Bob Chapek, Chief Executive Officer, The Walt Disney Company, said: “We’ve had a very strong start to the fiscal year, with a significant rise in earnings per share, record revenue and operating income at our domestic parks and resorts, the launch of a new franchise with Encanto, and a significant increase in total subscriptions across our streaming portfolio to 196.4 million, including 11.8 million Disney+ subscribers added in the first quarter.”
“This marks the final year of The Walt Disney Company’s first century, and performance like this coupled with our unmatched collection of assets and platforms, creative capabilities, and unique place in the culture give me great confidence we will continue to define entertainment for the next 100 years.”
Shares in Disney surged eight per cent on the results last night.