Disney Q2 Results Fall Short, But Streaming Business Shines -Breaking
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© Reuters. Walt Disney Revenue Misses Q2 EarningsBy Yasin Ebrahim
Walt, Investing.com Disney (NYSE:) Wednesday reported a weaker than expected second quarter, however better-than-expected subscriber growth for its Disney+ streaming service stole the show in a period when Netflix (NASDAQ:), is struggling.
Following the release, Walt Disney stock shares rose 0.58% after hours trade.
Walt Disney reported earnings per share at $1.08 for revenue $19.25B. Investing.com polled analyst to predict EPS of $1.19 based on $20.05B revenue.
Disney Media and Entertainment Distribution grew 9% year-on-year to $13.62billion during the first quarter. It was helped by better-than expected growth in its streaming businesses.
Disney+, its streaming service, announced new subscriber additions of 137.8 Million for the quarter. That’s up from 129.8M in the fourth-quarter and well ahead of the estimates for 134.1M.
“Our strong results in the second quarter, including fantastic performance at our domestic parks and continued growth of our streaming services—with 7.9 million Disney+ subscribers added in the quarter and total subscriptions across all our DTC offerings exceeding 205 million—once again proved that we are in a league of our own,” the company said.
Disney’s parks, experiences and products business more than doubled revenue to $6.65 billion from $3.17 billon in the same period last year.
Meta Platforms exceeded expectations in April 27, posting EPS for the first quarter of $2.72 on revenues of $27.91B. This compares to the $2.56 forecasted on revenue at $28.28B.
You can keep up to date on the latest earnings reports at www.investors.com Investing.com’s earnings calendar
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