Walt Disney Co earnings on Thursday topped Wall Street forecasts for the most recent quarter as its streaming services picked up more customers than expected and pandemic-hit U.S. theme parks returned to profitability.
"We are still bullish about our parks business going forward," CEO Bob Chapek said on a call with analysts. Reservations are currently outpacing attendance for the quarter that just ended, executives said. For April through July 3, Disney posted earnings per share of 80 cents, excluding certain items. Wall Street had expected 55 cents, according to the average projection of analysts surveyed by Refinitiv.
“We think Disney’s U.S. parks breaking even this quarter is an important turning point for the entertainment giant," Nicholas Hyett, equity analyst at Hargreaves Lansdown. "It has weathered the storm, and strong results from the parks have helped it beat analyst expectations." "It is apparent that Disney+ is now an indispensable video streaming service alongside Netflix," PP Foresight analyst Paolo Pescatore said.
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