BURBANK, Calif. – The Walt Disney Company has announced its financial results for the second quarter of fiscal year 2023, revealing robust growth, particularly in its Disney Parks, Experiences, and Products division. The quarter, which ended on April 1, 2023, showcased a notable increase in revenue for the company.
Revenues for the quarter surged by 13% to reach $21.8 billion, while revenues for the six-month period grew by 10% to reach $45.3 billion. Diluted earnings per share (EPS) from continuing operations for the quarter rose to $0.69 from $0.26 in the prior-year quarter, demonstrating a significant improvement in financial performance.
The success of Disney’s strategic initiatives was highlighted by Robert A. Iger, Chief Executive Officer of The Walt Disney Company. He expressed satisfaction with the accomplishments of the quarter, particularly noting the improved financial performance of the company’s streaming business. Iger stated that these results reflect the ongoing efforts to realign Disney for sustained growth and success, emphasizing the company’s commitment to delivering exceptional experiences to consumers across various entertainment platforms.
The company’s segment results further demonstrated the positive momentum, with the Disney Parks, Experiences, and Products division leading the way. This division experienced a remarkable 17% increase in revenue, reaching $7.8 billion for the quarter and $16.5 billion for the six-month period. The robust performance of the division can be attributed to growth in both international and domestic parks and experiences businesses.
Internationally, Disney saw significant growth at Shanghai Disney Resort, Disneyland Paris, and Hong Kong Disneyland Resort. Shanghai Disney Resort experienced higher volumes and increased guest spending, leading to improved operating results. Disneyland Paris witnessed volume growth driven by higher attendance and increased guest spending, despite higher costs associated with new guest offerings. Hong Kong Disneyland Resort’s results were boosted by more operating days in the current quarter, following COVID-19-related closures in the prior year.
In the domestic market, Disney Cruise Line contributed to the positive performance of the domestic parks and experiences segment. The addition of the Disney Wish and an increase in passenger cruise days drove higher results, partially offset by increased costs associated with fleet expansion. While Walt Disney World Resort experienced higher costs, growth at Disneyland Resort offset the decrease. The increase in volumes and guest spending at Disneyland Resort helped to mitigate the impact of higher costs.
It is worth noting that the merchandise licensing business saw lower operating income, primarily due to reduced revenue from merchandise based on Star Wars, Spider-Man, Frozen, and Avengers.
The Walt Disney Company’s strong second-quarter performance underscores its strategic focus on providing exceptional entertainment experiences to consumers across its diverse portfolio of businesses. With a continued emphasis on sustained growth and operational efficiency, Disney remains committed to delivering unparalleled entertainment and creating magical moments for its audiences worldwide
