Walt Disney Co. shares saw a significant hike on Wednesday after the company’s second-quarter report comfortably beat Wall Street analysts’ estimates. Disney’s stock (DIS) went up 6.87% in after-hours trading, reaching $120.11 per share. This represents the highest mark for DIS since April.
Disney’s business has been doing well all across the board with the Q2 revenue coming at $21.5 billion compared to an expected $21 billion. The company also reported adjusted earnings per share (EPS) of $1.09 versus the $0.96 estimated.
The parks, experience, consumer products segment, and Disney+ streaming service were among the biggest contributors to a successful quarter. The parks, experience, and consumer products unit raked up $7.39 billion in revenue, which is 740 million more than the estimated $6.65 billion. On the other hand, Disney+ added 14.4 million new subscribers in Q2 compared to the 10 million expected and made another big step in becoming the biggest streamer on the market.
Speaking about Disney+, the company announced a significant price hike of monthly subscriptions as part of the Q2 report. The standard plan will see a 38% hike, going from $7.99 to $10.99 a month. The company also plans to introduce an ad-supported plan, which will cost $7.99.