Entertainment

Disney Second Quarter Revenue Down Due to Park’s Continued Weakness

New York – Disney’s second-quarter revenue declined as the pandemic continued to weigh on parks and theme parks. But net profits were higher than expected, and CEO Bob Chapek said there were signs of a recovery in the company’s overall business as the pandemic began to decline.

As of April 3, the number of Disney + subscribers has more than doubled from a year ago to 103.6 million. Although this was lower than some analysts expected, Chapek said the company will reach its goal of 300-350 million subscribers on all platforms. 2024.

In aftermarket trading, stock prices fell 4% to $ 171.10.

For the three months ending April 3, Disney’s net profit attributable to Disney totaled $ 901 million, or 49 cents per share. Excluding temporary items, net income totaled 79 cents per share. Temporary costs were associated with the closure of animation studios and some Disney-branded retailers, and retirement at some parks and resorts. According to FactSet, this is above analysts’ expectations of 26 cents per share.

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Revenues fell 13% from $ 18.03 billion last year to $ 15.61 billion. This did not reach analysts’ expectations of $ 15.86 billion.

In addition to Disney + and its vast library of Disney movies and TV shows, hit original series such as Marvel’s “WandaVision” and Star Wars’ spin-off “The Mandalorian” helped drive subscriptions. During the past year’s pandemic, people trapped in their homes have also increased their applications. However, as things are reopened, it can begin to ease.

Disney + revenue per customer fell 29% to $ 3.99. This is because this number includes Disney products in India where customers pay less than the rest of the world.

Revenues from the park fell 44% to $ 3.17 billion. However, after being closed in most of the pandemics, the park is beginning to show signs of life. Disneyland in Anaheim, California reopened on April 30 after the end of the quarter. Disney World in Orlando and other parks around the world opened during the quarter, albeit with reduced capacity.

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The movie theater, which was closed during the pandemic, was reopened in late March. Disney will release a live-action movie “Cruella” about the villain of “101 Dalmation” starring Emma Stone at the theater on May 28th. In July, Marvel’s “Black Widow” starring Scarlett Johansson will be released. It will be offered at Disney + for $ 30 at release.

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Disney Second Quarter Revenue Down Due to Park’s Continued Weakness

Source link Disney Second Quarter Revenue Down Due to Park’s Continued Weakness

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