Disney (NYSE:DIS) stock is rising higher on Thursday thanks to the release of its earnings report for its fiscal third quarter.
The positive news for DIS stock starts with its adjusted earnings per share (EPS) of $1.09. This came in above Wall Street’s estimate of 99 cents per share. It’s also 36% better than the 80 cents reported in the same period last year.
In addition to that, revenue reported by Disney came in at $21.5 billion. That beat out the $21 billion in revenue Wall Street had expected. It also represents 26% growth compared to the $17.02 billion reported in Q3 2021.
CEO Bob Chapek said the following about subscriber growth in the earnings report.
“We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services. With 14.4 million Disney+ subscribers added in the fiscal third quarter, we now have 221 million total subscriptions across our streaming offerings.”
News of this strong earnings report and streaming gains has DIS stock seeing heavy trading on Thursday. As a result, some 15 million shares are on the move as of this writing. That’s already above the daily average trading volume of about 11.8 million shares.
DIS stock is up 8% as of Thursday morning but still down about 23% year-to-date (YTD).
Investors looking for more of the hottest stock market coverage will want to keep reading!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.