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Walt Disney Co. sees spike in Q2 earnings

By The Associated Press
By The Associated Press

ORANGE COUNTY, Fla. -- — Driven by its parks and the first full year of a post-pandemic return, The Walt Disney Company reported a spike in second quarter earnings on Wednesday.

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Rising costs of inflation and supply chain issues haven’t dampened the positive forecast ahead.

Expanding streaming services is a go for Disney executives who remain confident in the corporation’s sold bottom line: continued growth in its sprawling theme park revenue.

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Increases across the board of 20% this quarter represent the first numbers after all domestic parks spend their first year back open.

“Our strong results in the second quarter, including fantastic performance at our domestic parks and continued growth of our streaming services-with 7.9 million Disney+ subscribers added in the quarter and total subscriptions across all our DTC offerings exceeding 205 million-once again proved that we are in a league of our own,” Disney CEO Bob Chapek said during Wednesday’s earning call.

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While any potential impacts of the governor’s actions to dissolve Disney’s special designation of Reedy Creek sit in the distance, a cautious eye lies on rising costs, supply chain issues, added streaming competition and possible inflation has on consumer behavior.

“Right now it’s difficult to accurately forecast the potential financial impact due to the fluidity of the situation. Trust me we are aware of it and are working hard to relieve any pressure on the margins,” Christine McCarthy, Disney senior vice president and CFO, said during the call.

Disney said it will continue to slowly increase domestic attendance so it can keep maintaining the best all-around customer experience.

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