The pandemic allowed Disney to thrive in a fiercely competitive market
Disney (NYSE:DIS) saw its revenue beat expectations in Q3 as the company acquired new streaming subscribers, in addition to opening up its theme parks to thrill seekers again.
Revenue rose by 45% to $17.02bn (£12.3bn) for the quarter ending in July, surpassing estimates by analysts of $16.76bn (£12.14bn).
Having made a loss of $4.72bn (£3.4bn) in Q3 last year, Disney’s net income was $918m (£664m).
The pandemic allowed Disney to thrive and it is now one of the top dogs in what is a fiercely competitive market.
Between its three offerings – Disney+, Hulu and ESPN – the company brought in 15m new subscribers, bringing the total to just under 174m.
Over the same period, Netflix added 1.5m subscribers, as the streaming company looks vulnerable to new competition coming into the market.
The Disney share price rose by 5.3% in after-hours trading with Bob Chapek, Disney chief executive, praising the company’s position amid the challenges of the pandemic.
Additionally, Disney’s theme parks were a cause for optimism, with sites in America, China and France opening back up, and allowing the business to return to a profit. During the quarter, Disney’s parks and consumer products business made $356m in operating income on $4.3bn in revenue.
