Company says pandemic negatively affected parks, experiences, products but revenue doubled
The Walt Disney Company saw revenue increase 34% in the October-December period of 2021, according to financial results released Wednesday.
Revenues rose to more than $21.8 billion during the period the company considers the first fiscal quarter ending Jan. 1, 2022.
The figure is up from $16.2 billion during the same period last year.
Disney said that the coronavirus pandemic negatively impacted its parks, experiences and products, noting “our theme parks and resorts were closed and cruise ship sailings and guided tours were suspended.”
The company noted that some international operations continue to be affected by mandatory COVID-19-related capacity and travel restrictions.
Nevertheless, revenues from parks,experiences and products doubled year-on-year to $7.2 billion from $3.6 billion.
The company’s on-demand and streaming services, Disney+, added 11.8 million subscribers.
Disney’s stock price soared 9.6% on the Dow Jones in after-hours trading.