Disney CEO Bob Chapek sends congratulatory memo to Cast Members after sharing financial results for the second quarter

15 days ago in "The Walt Disney Company"

Posted: Thursday May 12, 2022 8:46am ET by WDWMAGIC Staff

Following yesterday's Walt Disney Company quarterly earnings report that saw significant achievements in financial performance at the theme parks, Disney CEO Bob Chapek congratulated the cast in a memo.

Disney Parks, Experiences and Products revenues for the quarter increased to $6.7 billion compared to $3.2 billion in the prior-year quarter. Segment operating results increased by $2.2 billion to income of $1.8 billion compared to a loss of $0.4 billion in the prior-year quarter


Team,

One of the best parts of my job is getting to talk about the incredible work you all do. Today, I had the opportunity to do just that as Christine McCarthy and I shared your achievements and our financial results for the second quarter. While the numbers were fantastic (you can read our press release to learn more about our performance), they don’t tell the full story.

As always, Storytelling Excellence was on full display—and I can’t think of any other company that can match the depth, breadth, and quality of our content. Our Studios earned six Academy Awards at this year’s ceremony broadcast on ABC, including Best Animated Feature for Walt Disney Animation Studios’ Encanto and Best Documentary Feature for Onyx Collective and Searchlight Pictures’ Summer of Soul. Pixar’s Turning Red became the fastest title to reach 200 million hours viewed on Disney+. We brought Marvel action to the service with Moon Knight, and added a new chapter to the Star Wars story with The Book of Boba Fett. And while not in the second quarter, I have to call out the performance of Marvel’s Doctor Strange in the Multiverse of Madness, which opened this weekend to an incredible $450 million at the global box office—that’s the 11th-highest domestic opening weekend of all time!

Our General Entertainment team’s success was wide ranging—from buzzy new series like Pam & Tommy and The Dropout on Hulu, to the long-awaited return of FX’s Atlanta, to landmark achievements like the renewal of Grey’s Anatomy on ABC for a record-breaking 19th season. On the sports side, fans are certainly back and fully engaged with their favorite teams and events. ESPN viewership was up double digits this quarter, with success continuing through the NBA and NHL playoffs. In fact opening weekend of the NBA playoffs was the most viewed since 2014.

I could not be prouder of the Cast Members and Imagineers at Parks, Experiences and Products. Despite continuing COVID-related challenges, they posted phenomenal results as they make magical memories for Guests around the world. A highlight this past quarter was the opening of our most immersive experience yet: Star Wars: Galactic Starcruiser at Walt Disney World. It’s true next generation storytelling that puts fans right in the middle of their own Star Wars adventure. Guests think it’s fantastic, and ratings are in-line with our most-loved experiences. I got the chance to celebrate the return of Disneyland’s nighttime spectaculars with Cast Members just a few weeks ago, and it was truly magical to see the beloved Main Street Electrical Parade “ignite the night” once again.

I want to close by thanking all those who met with me and our leadership team during our listening tour. Your feedback is important, your personal stories are powerful, and your dedication to our company is inspiring. As I said during those sessions, we are committed to using this moment as an opportunity to become an even better company, and soon you will be hearing more about our progress as we find more ways to support our employees and the communities in which we live and work.

Looking ahead, there is a lot to be excited about—fantastic new stories, incredible experiences, and the opportunity to create an even larger, more connected, and magical Disney universe for families and fans around the world.

I am excited to be on this journey with you!

Bob

 

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MisterPenguin11 days ago

Reaction of focus groups.

denyuntilcaught11 days ago

Then either 1) early-out buzz is indicative of a solid first season run and thus warranting a second season renewal or 2) the production costs were better spread out over multiple seasons. The latter happens more often then you'd think.

VJ11 days ago

what if it's renewed before the first season premieres?

CastAStone11 days ago

Bob Chapek would fit in extremely well as a CEO of most large American businesses. Disney is a poor fit because it’s creatively driven and because it’s built on product quality, which is foreign to most companies.

Dad 2 M & M11 days ago

Definitely have plenty of them wonkers round here….some must be approaching majority shareholder status….

Lilofan11 days ago

Some keep thinking the sky will fall and some are disappointed it hasn't.

Anteater11 days ago

I've been watching for this tipping point for more than 5 years now. I'm amazed that we still haven't hit it...

GhostHost100011 days ago

My guess (and that’s all it is), is we are seeing a rush of guests back to the parks since Covid. Many having saved up for this trip not traveling much if any for 2 years, but with all the price hikes, genie+, etc challenges….we will see attendance go down eventually. Of course that would be after the overseas guest come back as well which will also help make the parks look like they are awesome and making a ton of money…I just think eventually guests are going to hit a limit on spending, return trips, and frustration on what it takes to plan a day at Disney anymore

Lilofan11 days ago

Pressler and made a few millions as CEO at Gap for several years and left with a little nest egg when forced out.

Sirwalterraleigh11 days ago

Let me be clear: I totally agree with your assessment. That’s sound economics. What it’s not is riverboat gambling…which is what all our stock wonk “experts” around here want. Laughably saying Disney is a “buy” at $160 😂

HauntedPirate11 days ago

$lappie would be a great leader for The Gap... Didn't another similarly foul P&R guy end up there? 🤔 ;)

Dad 2 M & M11 days ago

Still rather have them make me more money than send it back ….. as saying we’ve done all we could with your $$$ and you can have it back Maybe in a decade or so the $$$ sent back will be more attractive ….. for now grow $ into $$ then $$$…etc….sustainable as always, right?

Sirwalterraleigh11 days ago

Because it’s quick and easy…

pdude8111 days ago

Gotcha. I wasn't sure you were taking my earlier post as intended. I was responding to a prior poster saying that the stockholders are happy about the dividends.