Disney Earnings Beat Wall Street Estimates

The Walt Disney Co. beat Wall Street estimates on earnings and revenue in its fiscal third quarter.

The Burbank entertainment and media giant reported on Wednesday an adjusted net income of $2.9 billion ($1.09 a share) for the quarter ending July 2, compared with net income of $1.7 billion (80 cents) in the same period a year earlier. Revenue increased from the prior year by 26% to $21.5 billion.

Analysts on average expected earnings of $1 on revenue of $20.7 billion, according to Thomson Financial Network.

Disney Chief Executive Bob Chapek called the third quarter excellent for the company as creative and business teams powered outstanding performance at its domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at its streaming services.

“With 14.4 million Disney Plus subscribers added in the fiscal third quarter, we now have 221 million total subscriptions across our streaming offerings,” Chapek said in a statement.

In addition to Disney Plus, the company also offers streaming services through Hulu and ESPN Plus.

The third quarter results were released after the market closed. Shares in Disney (DIS) closed up $4.30 or about 4%, to $112.43 on the New York Stock Exchange on a day when the Dow Jones closed up at about 1.6%.