Walt Disney Co’s income has crushed expectations within the third quarter, due to new streaming subscribers and the reopening of its theme parks.
General income was up 45% to $17.02bn (£12.3bn) between April and July – greater than analysts’ estimate of $16.76bn (£12.14bn).
Internet earnings was $918m (£664m) within the three months, in contrast with a lack of $4.72bn (£3.4bn) in final yr’s fiscal third quarter.
The corporate’s streaming platform thrived through the pandemic and has emerged as a powerful competitor in a rapidly-growing and crowded market.
Its three subscription choices – Disney+, Hulu, and ESPN+ – gained nearly 15 million new subscribers, making a complete of almost 174 million.
Disney+ launched within the UK in March final yr, about 4 months after it launched within the US and Canada, the place it had greater than 10 million subscribers enroll on its first day
The corporate stated it expects as much as 260 million subscribers by 2024.
And because the US eases a lot of its coronavirus restrictions, income for Disney’s theme parks was up for the primary time in 5 quarters, reaching $4.34bn (£3.14bn).
Most of the parks are working at diminished capability and Disney stated in July that guests should put on face masks inside.
Shares within the Walt Disney Co rose 5.1% in after-hours buying and selling on Thursday.