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Disney Reported Strong Q3 Earnings
2021-08-13 • Updated
Walt Disney has revealed its financial results for the third quarter, which were much better than analysts forecasted. It was the strongest result since the beginning of the Covid-19 pandemic.
Earnings per share: $0.8 vs the market estimate of $0.55.
Revenue: $17.02 billion vs the market estimate of $16.76 billion.
Besides, investors paid close attention to the subscriber growth of the streaming platform Disney+. Disney+ subscribers increased to 116 million, while average forecasts were 115.2 million. The streaming segment brought Disney $4.26 billion in revenue, which is slightly less than the forecast of $4.27 billion. However, the general effect was positive and the Mouse of House has managed to pleasantly surprise investors.
Theme parks reopen
Disney’s theme parks, experiences, and product segments have become profitable for the first time since the Covid-19 pandemic started, though the parks alone haven’t been profitable. US Disney’s parks eased social-distancing restrictions in April, which increased the number of visitors.
In the pre-market trading, the stock of Disney has jumped 5% to $188.60. When the stock market opens at 16:30 GMT+3, we might see a short sell-off as investors have already priced in the good outcome and would like to close their positions. Support levels are $185.00 and the 100-day moving average of $180.00. However, the earnings results were so good that the price may rally further above $190.00 to the next round number of $195.00.
After such optimistic financial results, those who were doubting about Disney would like to have this stock in their portfolios. Thus, the stock of Disney has a great potential to grow in the long perspective.
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