Disney (NYSE:DIS) reported Q1 earnings, beating analysts' expectations on nearly every metric.
- Earnings per share were $0.32 of profit versus analysts' estimate of $0.45 in losses.
- Paid subscribers to Disney+ reached 94.9M versus the 90.7M estimate. (Disney+ had 73.7M subscribers in the prior quarter.)
- Total Hulu subscribers reached 39.4M versus analysts' 38.4M estimate.
- Revenue from Disney's legacy Media and Entertainment Distribution category declined 5% in Q1 versus the same quarter in 2019, and Q1 free cash flow declined $685M versus a gain of $292M in Q1 2019.
- ESPN+ paid subscribers reached 12.1M versus analysts' 11.5M estimate.
- Revenue in Disney's Direct-to-Consumer category reached $3.5B versus the $2.03B estimate.
- On Disney's earnings call, executives noted "tremendous excitement among consumers" ahead of the launch of its "Star" international streaming service, but did not quantify a subscriber expectation.