The Walt Disney Company last night reported earnings for its second fiscal quarter ended April 2nd, 2022, with revenues for the quarter and six months growing by 23% and 29%, respectively. They added 7.9 million Disney+ subscribers in the quarter and total subscriptions across their DTC offerings now exceeds 205 million.
• Revenues for the quarter and six months grew 23% and 29%, respectively, despite a $1.0 billion reduction for the amount due to a customer to early terminate license agreements for film and television content delivered in previous years in order for the Company to use the content primarily on our direct-to-consumer services.
• Diluted earnings per share (EPS) from continuing operations for the quarter decreased to $0.26 from $0.50 in the prior-year quarter. Excluding certain items(1), diluted EPS for the quarter increased to $1.08 from $0.79 in the prior-year quarter.
• EPS from continuing operations for the six months ended April 2, 2022 increased to $0.89 from $0.52 in the prior-year period. Excluding certain items(1), EPS for the six months increased to $2.14 from $1.11 in the prior-year period.
“Our strong results in the second quarter, including fantastic performance at our domestic parks and continued growth of our streaming services—with 7.9 million Disney+ subscribers added in the quarter and total subscriptions across all our DTC offerings exceeding 205 million—once again proved that we are in a league of our own,” said Bob Chapek, Chief Executive Officer, The Walt Disney Company. “As we look ahead to Disney’s second century, I am confident we will continue to transform entertainment by combining extraordinary storytelling with innovative technology to create an even larger, more connected, and magical Disney universe for families and fans around the world.”
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