Bernstein called the subscriber numbers for Disney+, the media giant's video streaming service "astounding, no matter how many of them were promotional," according to Bloomberg.
Walt Disney launched Disney+ on Nov. 12, and the company reported that it already has 10 million subscribers.
"We were debating with investors whether Disney would get 10mm subs in the first year," analyst Todd Juenger wrote in a research note, Bloomberg reported.
Wedbush Securities analyst Dan Ives said in a note at the time that the number of sign-ups was "considerably higher than we and many on the Street were anticipating."
Disney shares slipped slightly Thursday to $146.88. The stock has gained 34% so far in 2019.
It was reported earlier this week that thousands of Disney+ users had their account credentials hacked and placed on the dark web, with some users reportedly claiming to be unable to log in after their email addresses and passwords were changed.
Disney released a statement saying that its security systems have not been compromised and that it "takes the privacy and security of our users' data very seriously and there is no indication of a security breach on Disney+."
A report by PC World suggested that Disney+ users themselves may be responsible for the "hacks."