Disney parks business roars back as company beats earnings expectations, stock soars
Summary
The companys consumer products business saw revenue fall 8.5% to $1.5 billion following the closure of a substantial portion of its Disney-branded retail stores during the second half of 2021. While the studios theatrical releases were among the top performing films of the year, the domestic box office still has not fully recovered from the pandemic. Income from Disneys co-production of the Marvel Cinematic Universe film "Spider-Man: No Way Home" with Sony offset losses on other titles released during the quarter, which were unable to overcome significant marketing and production costs. In an interview with CNBCs Julia Boorstin, CEO Bob Chapek said Disney is bidding for NFL Sunday Ticket, diving even deeper into streaming. "We do not subscribe to the belief that theatrical distribution is the only way to build a Disney franchise," he said, pointing to the success of its recent hit, "Encanto."