The Walt Disney Company Q1 earnings report was released ahead of it’s earnings call at 4:30 today. Disney beat expectations slightly. Estimates put revenue at around $23.33 billion, but the company pulled $23.51 billion. This was up 7% from 2022.
Parks and Resorts did $8.7 billion in revenue during Q1 which is a 21% increase from 2022 Q4.
Disney claims that operating income growth at the domestic parks and experiences was due to higher volumes and increased guest spending. Well when you make Genie+ almost $30 per person / per day, it’s going to bring in more money. Expensive events like Mickeys Not So Scary Halloween Party and Mickey’s Very Merry Christmas Party will have also factored into the increased revenue for the first quarter running from October 2022 – January 2023.
However, Disney’s capital expenditures increased from $1 billion to $1.2 billion and that is being attributed to the expansion of the Disney Cruise Line Fleet.
Disney+ subscriber numbers did drop for Q1, which was the first time since 2020. It is important to note that the loss was mostly in for Disney+ Hotstar, with a 3.8 million subscriber drop. The revenue per paid subscriber dropped from $6.10 to $5.95 as well.
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