The Walt Disney Company (NYSE: DIS) has reported strong revenues and earnings for the first quarter of 2022. The entertainment behemoth’s stock rose sharply following the announcement.
Total revenues climbed 34% year-over-year to $21.8 billion in the December quarter. Revenues of Disney Parks, Experiences & Products more than doubled to $7.2 billion. Disney Media & Entertainment Distribution had revenues of $14.6 billion, which is up 15%. The top line also came in above analysts’ forecast.
Earnings from continuing operations, on an adjusted basis, rose to $1.06 per share in the latest quarter from $0.32 per share in the first quarter of 2021 and topped analysts’ expectations. Unadjusted net income was $1.20 billion or $0.63 per share, compared to $30 million or $0.02 per share last year.
Read management/analysts’ comments on Walt Disney’s Q1 2022 earnings
“This marks the final year of The Walt Disney Company’s first century, and performance like this coupled with our unmatched collection of assets and platforms, creative capabilities, and unique place in the culture give me great confidence we will continue to define entertainment for the next 100 years,” said Bob Chapek, CEO of The Walt Disney Company.