Disney Q1 Earnings Highlights: Parks Segment Up 100%, Disney+ Hits 129.8M Subscribers, ARPU Increases

Walt Disney Co (NYSE: DIS) reported fiscal first-quarter financial results after market close Wednesday. Here are the key details.

What Happened: Disney reported first-quarter revenue of $21.8 billion, up 34% year-over-year and ahead of a consensus estimate of $18.6 billion, according to Benzinga Pro.

Disney reported earnings per share of $1.06, handily beating the 61 cents per share estimate.

The company saw its media and entertainment segment hit revenue of $14.6 billion, up 15% year-over-year.

The company’s parks, experiences and resorts segment had revenue of $7.2 billion, up over 100% year-over-year. This marked the second consecutive quarter of the parks, experiences and resorts segment having revenue growth of 99% or more on a year-over-year basis.

Domestic parks and experiences revenue increased to $4.8 billion in the quarter compared to $1.5 billion in the same period last year, showing a rebound in the segment.

Disney reported a non-cash loss of $432 million in fair value of its stake in DraftKings Inc (NASDAQ: DKNG) in the quarter.

“We’ve had a very strong start to the fiscal year, with a significant rise in earnings per share, record revenue and operating income at our domestic parks and resorts, the launch of a new franchise with ‘Encanto,’ and a significant increase in total subscriptions across our streaming portfolio,” said Disney CEO Bob Chapek.

Related Link: Could Disney Be Entering The Livestreaming Market? 

Streaming Growth: Chapek highlighted Disney ending the quarter with 196.4 million subscribers across its multiple streaming platforms.

Disney ended the quarter with 129.8 million subscribers for Disney+, up 37% year-over-year. A total of 11.8 million Disney+ subscribers were added in the first quarter.

Domestic Disney+ subscribers were up 18% at 42.9 million, while International Disney+ subscribers (excluding Hotstar) grew 40% to 41.1 million.

Disney reported average revenue per user of $4.41 for Disney+. This comes after the company reported a decline in average revenue per user for overall Disney+ users in the fourth quarter.

Hulu had 45.3 million subscribers in the first quarter, up 15% year-over-year, while ESPN+ ended the quarter with 21.3 million subscribers, up 76%.

DIS Price Action: Shares are up 9% to $160.23 in after-hours trading at the time of writing.