Walt Disney regains magic with surge in subscriber adds, park visits

Walt Disney Company reported first-quarter sales and earnings that handily beat analysts’ forecasts, buoyed by its namesake theme parks. Subscribers to the flagship streaming service Disney+ jumped to 129.8 million.

Earnings increased to $1.06 a share, the Burbank, California-based entertainment giant said on Wednesday, beating the 57-cent average of analysts’ estimates. Sales in the period ended January 1 increased to $21.8 billion, topping expectations of $20.8 billion.

The big surprise was new subscriptions to Disney+, which came in at 11.8 million, above the 8.17 million that Wall Street had projected. Disney shares tumbled in November after the company announced subscriber numbers that