While it is an expensive time to be a Disney fan, it is a good time to be a Disney shareholder.
Disney Parks Blockbuster Earnings
Disney released its earnings report for the first quarter of the fiscal year 2022. For the quarter ending January 1, 2022, Disney Parks, Experiences and Products revenue more than doubled from $3.5 billion in 2021 to $7.2 billion in 2022.
Profits soared from a loss of $0.1 billion in 2021 to a profit of $2.4 billion in 2022.
Disney said the following regarding park capacity:
In fiscal 2022, our domestic parks and experiences are generally operating without significant mandatory COVID-19-related capacity restrictions, such as those that were in place in the prior-year quarter; however, we continue to manage capacity to address ongoing COVID-19 considerations with respect to guest and cast health and safety
Disney also called out how Genie+ and Lightning Lane contributed to the park’s profits:
The increase in average per capita ticket revenue was due to attendance mix and the introduction of Genie+ and Lightning Lane
Disney+ Growth
Disney added 11 million Disney+ subscribers. Chapek said that the company will be flexible in how it goes about releasing movies in the future.
Surprised that Disney Parks made $2 billion in profits during the first quarter?