Disney Subscriber Growth Outperforms Estimates

Disney (NYSE: DIS) lowered its 2024 forecast for Disney+ to 215 million to 245 million subscribers, despite reporting strong third-quarter earnings on Wednesday. The company had previously expected to end fiscal 2024 with 260 million subscribers. Nevertheless, Disney is certain that Disney+ will be profitable by the end of 2024.

 The multinational mass media and entertainment conglomerate reported earnings of USD1.09 per share, compared to the expected USD0.96 a share. Revenue amounted to USD2.15 Billion, higher than analysts anticipated USD20.96 Billion.

“We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services. With 14.4 million Disney+ subscribers added in the fiscal third quarter, we now have 221 million total subscriptions across our streaming offerings,” said Bob Chapek, Chief Executive Officer, The Walt Disney Company. “We continue to transform entertainment as we near our second century, with compelling new storytelling across our many platforms and unique immersive physical experiences that exceed guest expectations, all of which are reflected in our strong operating results this quarter.”

Disney shares were up over 6% after the closing Wednesday.