Editor's note: This article has been updated to reflect that Disney reported 221.1 million total subscriptions across its streaming offerings and that a subscriber to a bundle is counted as a paid subscriber for each service in the bundle. Netflix has 220.67 million paid memberships.
In this video, I will go over Disney's (DIS -0.93%) third-quarter earnings report, which crushed fiscal third-quarter estimates.
- Disney ended the quarter with 221.1 million subscriptions across all platforms (ESPN, Hulu, and Disney+). This is larger than the pool of 220.67 million paid Netflix subscribers.
- The company expects Disney+ to reach 245 million subscribers by 2024, which is down from the 260 million it previously estimated.
- But the company reaffirmed that Disney+ will be profitable by 2024, which could see a return of dividend payouts.
- Disney reported revenue of $21.5 billion, up 26% year over year, beating estimates of $21 billion. Earnings per share came in at $1.09, up 36% year over year and beating estimates of $0.96.
- The company is set to launch a Disney+ ad-supported tier in December.
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*Stock prices used were the closing prices of Aug. 10, 2022. The video was published on Aug. 11, 2022.
