According to Disney's quarterly earnings report, the earnings per share (EPS) for the quarter ending Oct. 2 reached 9 cents compared to a loss of 39 cents in the same period last year.
Disney Parks, Experiences and Products revenues for the fourth quarter increased to 5.5 billion dollars from 2.7 billion in the prior-year quarter. The division's quarterly profit increased to 640 million dollars.
"Revenue and operating income growth was due to the reopening of our parks and resorts, which were open for the entire quarter (the fourth quarter) this year," said the company in the report.
"COVID-19 and measures to prevent its spread has impacted our segments in a number of ways. Our theme parks and resorts were closed and cruise ship sailings and guided tours were suspended," said Disney, adding that parks and resorts "were generally operating at reduced capacities" even while they were open.
Meanwhile, the company's two-year-old flagship streaming service, Disney+, recorded an increase of 2.1 million subscribers in the latest quarter, bringing the number of subscribers to 118.1 million, up 60 percent from 73.7 million in 2020.
Disney said its Direct-to-Consumer (DTC) revenues for the quarter increased 38 percent to 4.6 billion dollars and operating loss increased from 400 million dollars to 630 million dollars.
Disney's DTC services include Disney+, ESPN+ and Hulu, which are viewed as new products to compete with Netflix.
The company aims to gain 230 million to 260 million Disney+ subscribers by the end of fiscal 2024.
Compared to fiscal 2020, the Disney Media and Entertainment Distribution segment reflected higher advertising revenue from the return of live sporting events.
The company's other film and television distribution businesses registered revenue loss due to the deferral or cancellation of significant film releases, according to the report.
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