Disney stock is up nearly 8% in pre-market trading as of the time of this writing after the company announced major improvements in its Q1 results. As CNBC reports, Disney’s first quarter of the year saw improvements in two verticals investors had their eyes on: Disney Plus subscribers and parks.
Disney Plus subscriber numbers were by far the most welcome news, considering how important the service is to Disney’s future. In Disney’s Q1 2022, the company’s streaming service added 11.8 million new subscribers for a grand total of 129.8 million. That’s over three million more than the street was expecting. And more importantly–that’s also three million more than the 8.28 million new subscribers Netflix added in its most recent quarter.
Of course, Netflix is still the streaming king, with 222 million total global subscribers, but Disney’s most recent quarter shows its all-important streaming service is adding subscribers at a faster rate than Netflix. Disney CEO Bob Chapek also told CNBC that the service is on track to have between 230 million and 260 million total Disney Plus subscribers by 20224.
Besides the blowout Disney Plus numbers, another metric that lifted investors’ hearts was Disney’s Disney’s parks, experiences and consumer products division, which doubled its revenue from $3.6 billion last quarter to $7.2 billion this quarter. This metric covers Disney’s theme parks and cruises, showing visitors are returning after years of staying away due to the pandemic.