Disney+ hits 116 million subscribers; Q3 earnings beats expectations across the board

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Disney reported blowout fiscal third-quarter earnings after the bell Thursday, beating Wall Street expectations on subscriber growth which is now at 116 million subscribers, revenue, and earnings.

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Shares were up more than 5% [after the bell Thursday].

• Earnings per share: 80 cents vs 55 cents expected in a Refinitiv survey of analysts
• Revenue: $17.02 billion vs $16.76 billion expected in the survey

The company beat on subscriber estimates for Disney+, coming in at 116 million. StreetAccount estimated the company to report 114.5 million subscribers in its third quarter. The segment had 103.6 million in its fiscal second quarter.

Average monthly revenue per subscriber for Disney+ dipped 10% year-over-year to $4.16. The company attributed the dip to a higher mix of Disney+ Hotstar subscribers compared to the prior-year quarter.

Disney’s average revenue per user has shrunk in recent quarters because of the lower price points for its Disney+ and Hotstar bundle in Indonesia and India. The service has lower average monthly revenue per paid subscriber than traditional Disney+ in other markets, pulling down the overall average for the quarter.

Via: CNBC.com

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