Disney (NYSE:DIS) reported fiscal first-quarter earnings on Tuesday and it beat on both the top and bottom lines.
Earnings per share came in at $1.53 per share vs. $1.44 per share expected. Revenue was $20.86 billion vs. $20.79 billion expected.
The results mark Disney’s first earnings report since the launch of its new streaming service, Disney+, last November. In the earnings release, Disney CEO Bob Iger said the service has "exceeded even our greatest expectations."
Disney+ now has 26.5 million subscribers, which is up from the 10 million sign-ups it registered for the service after it launched November 12. CEO Bob Iger said on the company’s earnings call that by Monday, that number had climbed to 28.6 million subscribers. Disney said the average monthly revenue per paid Disney user was $5.56.
About 20% of subscribers who signed up for Disney+ did so through a free trial with Verizon, Iger said. Roughly 50% of subscribers signed up for the service through the Disney+ site and "many of them have bought a year-long service or even a three-year" subscription, Iger added.
Disney also did not update its guidance for the service. The company previously forecast between 60 million and 90 million subscribers by the end of its 2024 fiscal year. Iger said on the call that it’s "far too early" in the rollout of Disney+ to give new guidance, especially as the service has yet to launch in some international markets.
Shares fell $1.88, or 1.3%, to $142.91
Related Stories
