Disney unveiled fiscal first quarter 2022 results (holiday 2021 quarter ended January 1, 2022) that beat expectations after the close on Wednesday. Shares jumped as much as 9% after the report.
New membership additions for the company’s two-year-old Disney+ streaming service surpassed analysts’ expectations.
Disney+ new subscribers totaled 11.8 million, sharply topping analyst estimates. According to Bloomberg consensus data, Disney was expected to see Disney+ streaming subscribers grow by about 7 million on a quarter-over-quarter basis, a jump from 2.1 million new members brought on in the prior quarter.
The company had 129.8 million paid subscribers at the end of 2021 and reiterated its target to bring on 230 million and 260 million subscribers in total to the service by the end of fiscal 2024.
MacDailyNews Take: In December, global consulting firm Deloitte predicted that, as the world wakes up from the various and sundry reactions – rational and irrational – to COVID-19, more than 150 million people will cancel a paid streaming subscription in 2022.
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!