Disney+ Beating Streaming Expectations
Disney+ kept its momentum fully charged as the streamer handily topped Wall Street growth forecasts for the March 2022 quarter.
Disney’s flagship streamer gained 7.9 million paid customers in the first three months of 2022, to stand at 137.7 million, up 33% year over year. Analysts on average expected Disney+ to net 5.2 million new subscribers, per FactSet.
The results stand in contrast to streaming rival Netflix, which reported a loss of 200,000 streaming subscribers for the same period and forecast a 2 million drop for Q2. That led investors to fear a sector-wide slowdown after a pandemic-fueled surge over the last two years. Disney+’s strong gains dispel that notion and suggest that the Mouse House is stealing market share from Netflix.
In addition, the company expects Disney+ subscriber net adds to be stronger in the second half of its fiscal year 2022 than in the first half as execs said previou …