(Reuters) – Walt Disney Co on Wednesday beat estimates for first-quarter revenue, as its theme parks business rebounded during the holiday season, while its streaming division recorded strong subscriber growth.
Shares of the company rose 9% in extended trading.
For much of the pandemic, the company’s two-year-old streaming service, Disney+, drove its business when its theme parks and resorts remained shut and cruise operations were suspended.
However, the theme parks business has been steadily recovering, as crowds return to entertainment venues, with the lifting of restrictions and receding fears around the Omicron variant.
Disney+ global subscribers stood at 129.8 million at the end of the first quarter, compared with Factset estimates of 129.2 million.
The company’s revenue rose 34% to $21.82 billion in the quarter ended Jan. 1, topping analysts’ estimate of $20.91 billion, according to IBES data from Refinitiv.
Net income from continuing operations was $1.15 billion, or 63 cents per share, in the quarter, compared with $29 million, or 2 cents per share, a year earlier.
(Reporting by Eva Mathews in Bengaluru and Helen Coster in New York; Editing by Anil D’Silva)