Home News Disney Earnings Beat, Stock Jumps On Disney+ Price Hike

Disney Earnings Beat, Stock Jumps On Disney+ Price Hike

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The company’s earnings per share of $1.03 came in above the consensus estimate of 96 cents per share, according to FactSet. Revenue rose 4% to $22.33 billion, also beating expectations of $22.49 billion.

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Disney’s theme parks division, which was closed for much of the pandemic, saw revenue rebound to $7.6 billion in the quarter, up from $2.9 billion in the year-ago period. The company’s media and entertainment distribution segment, which includes its streaming services, saw revenue rise 10% to $14.7 billion.

Disney+ added 2.1 million subscribers in the quarter, bringing its total to 152.1 million. The company said it will raise the price of Disney+ in the U.S. to $13.99 per month from $9.99 per month starting in December. The price hike will also apply to Disney+ Hotstar in India.

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The price hike is expected to generate an additional $1.8 billion in revenue for Disney in fiscal 2024. The company said it expects to add 23 million to 26 million Disney+ subscribers in fiscal 2024.

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