Walt Disney (DIS  ) reported fiscal Q1 earnings that beat analysts' estimates on the top and bottom-line. The biggest highlight was the Parks division which saw a doubling in revenue as this part of the business had a major rebound despite some continued omicron headwinds. Disney+ also topped expectations as this segment's growth continues.

Not surprisingly, Disney's stock staged an impressive rebound and was nearly 8% higher in pre-market trading. Since Disney peaked in March of last year just above $200, the stock endured more than a 35% decline before making a low in late January just below $130.

Inside the Numbers

As Disney's Q1 earnings make clear, its streaming business remains in growth mode and seems the best bet to really capitalize on Disney's IP and connection with generations of people and has the potential to create a much more profitable DTC channel to its biggest fans. But, its travel business is also experiencing a major rebound, and things are only going to get better over the next couple of years as there should be massive pent-up demand for the travel and tourism sector.

For the quarter, Disney reported $1.06 in earnings per share, beating expectations of $0.63 per share. Revenue also beat expectations at $21.82 billion vs $20.91 billion. Revenue was 35% higher than last year, while earnings were up sharply from last year's $0.01 per share gain.

Disney+ total subscriptions also topped at 129.8 million vs 125.75 million with about 12 million new subscribers added in the quarter. The average revenue per user in North America increased to $6.68 per month from $5.80 a year ago. However, the company's programming costs are likely to rise by about $1 billion due to increased programming fees and new content.

The company is also reportedly in the bidding for NFL Sunday Ticket which would likely lead to more subscriber growth for ESPN+ Disney's streaming success is also a counterpoint to Netflix's results which led to concerns of increased customer churn for streamers. Overall, the company expects that Disney+ should have between 230 million and 260 million subscribers by 2024.

Disney's parks, experiences, and consumer products division saw a double in revenue to $7.2 billion. Operating income reached $2.5 billion compared to a loss of $100 million last year. This was due to increased attendance, more hotel bookings, and higher prices. There still is more room for growth as international travelers have not yet returned to the park.

This is certainly a positive development as the omicron wave recedes, and travel volumes are expected to be very strong in Q2 and Q3.