Overview
- Disney’s Q3 net income rose to $5.26 billion from $2.62 billion a year earlier, marking a year-over-year doubling.
- Quarterly revenues stood at $23.65 billion, slightly below projections, as entertainment revenues edged up 1% and parks and experiences grew 8%.
- The direct-to-consumer segment swung to a $346 million operating profit on 6% revenue growth, its first quarterly profit in the unit.
- Disney+ reached 128 million paid subscribers after adding 1.8 million in the quarter, and Disney forecasts combined Disney+ and Hulu subscriptions to rise by over 10 million in Q4.
- Disney struck a nonbinding deal for ESPN to acquire NFL Network, NFL Fantasy and RedZone rights with the NFL taking a 10% stake, and it lifted its full-year adjusted earnings outlook.