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Author: Alan LittleDate: 2021-08-16

Disney (DIS) +1% as theme parks segment rebounds to profit

Disney’s (DIS) Parks, Experiences and Products segment rebounded to profitability while its streaming service thrived as it posted fiscal Q3 beats on Friday.

Disney (DIS) blasted past Wall Street expectations for its fiscal Q3 on Friday on the strength of its streaming service and a jump in revenue for its US theme parks.

The Disney+ platform has been a vital revenue lever for the entertainment giant amid closures of its parks, and the latest number of subscribers, topping 116 million, was 1.5 million ahead of expectations (114.5 million).

There is ample room for further expansion, with Disney noting that it has a total addressable market of more than a billion households globally.

Keeping viewers glued to a compelling catalogue of TV shows, movies and documentaries boosted revenue during the latest quarter, with the top-line figure of $17.02bn easily ahead of the $16.76bn forecast.

Earnings per share for the three months to 3rd July also comfortably surpassed the Refinitiv survey consensus ($0.55) at $0.80.

Disney will also be buoyed by a return to profitability for the Parks, Experiences and Products segment, which has been under pressure since the pandemic began.

Revenue for the segment rose to $4.3bn, a 308% spike from a year ago when most parks were closed and lockdown measures were in place.

That return helped operating income to rebound to +$356m after slumping to a $1.87bn loss back in fiscal Q3 2020.

CEO Bob Chapek said that “strong demand” for theme parks is likely to continue for the foreseeable future following a sharp rise in attendance for domestic parks.

He also said that he was “pleased” with the overall “trajectory” of the company “amidst ongoing challenges” related to the pandemic.

Following the release of the report, Disney shares eased 1% higher to $181.08 at close in New York on Friday.

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