Walt Disney Q3 Results Trump Street View

(RTTNews) - Shares of Walt Disney Co. (DIS) gained over 5% in extended trading on Thursday after the entertainment and media conglomerate reported a strong third-quarter results, with its earnings and revenues trumping Wall Street estimates.

Burbank, California-based Disney reported a third-quarter profit of $918 million or $0.50 per share, compared with last year's loss of $4.72 billion or $0.25 per share.

Adjusted earnings for the quarter were $0.80 per share, up from $0.08 per share last year. On average, 24 analysts polled by Thomson Reuters estimated an earnings of $0.56 per share.

Revenues for the quarter surged 45% to $17.02 billion from last year's $11.78 billion last year. Analysts had a consensus revenue estimate of $16.80 billion.

"We ended the third quarter in a strong position, and are pleased with the Company's trajectory as we grow our businesses amidst the ongoing challenges of the pandemic," said CEO Bob Chapek.

Disney Parks, Experiences and Products revenues surged to 4.34 billion from $1.07 billion last year. Disney Media and Entertainment Distribution segment revenues gained 18% to $12.68 billion from $10.71 billion last year.

Disney reported a total of nearly 174 million subscriptions across Disney+, ESPN+ and Hulu at the end of the quarter.

Direct-to-Consumer revenues, which includes Hulu, ESPN+ and Disney+ services, increased 57% to $4.3 billion. With Disney+ subscribers surging to 116.0 million from 57.5 million last year, while Hulu recorded 21% subscriber growth to 42.8 million subscribers and ESPN+ subscriber growth increased 75% to 14.9 million.

DIS closed Thursday's trading at $179.29, up $1.20 or 0.67%, on the NYSE. The stock further gained $9.48 or 5.29% in the after-hours trade.