Powered by Disney+, TWDC Reports Spike in 1st Quarter Revenue


US-ENTERTAINMENT-CINEMA-DISNEY-D23

BURBANK (CNS) - Powered in part by the successful launch of its Disney+ streaming service, The Walt Disney Co. reported first-quarter revenues of $28.8 billion today, up 36% from the same quarter the prior year.

The company reported adjusted earnings per share of $1.53, down 17% from $1.53 a year ago.

``We had a strong first quarter, highlighted by the launch of Disney+, which has exceeded even our greatest expectations,'' Disney Chairman/CEO Robert Iger said in a statement. ``Thanks to our incredible collection of brands, outstanding content from our creative engines and state-of-the-art technology, we believe our direct-to-consumer services, including Disney+, ESPN+ and Hulu, position us well for continued growth in today's dynamic media environment.''

Disney reported that as of Dec. 28 -- the end of the first quarter -- there were 26.5 million subscribers to the Disney+ streaming service that went online in November. Iger told reporters in a conference call that number has jumped to about 28.6 million as of the beginning of this week.

Due to the costs of launching the service, the company's direct-to- consumer segment showed a major year-over-year jump in revenues, along with a substantial increase in operating loss.

The company reported a 24% jump in revenue from its media networks and an 8% revenue increase in its ``parks, experiences and products'' segment, thanks largely to increased guest spending and an increase in attendance. Disney noted that the segment saw increased costs thanks to new ``guest offerings,'' most notably the Star Wars: Galaxy's Edge attraction at Disneyland, along with wage increases for unionized employees.


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