Walt Disney (NYSE.) made a worse-than-expected quarter-end report on 2022 revenues and earnings, sending shares plummeting nearly 5% by Thursday’s premarket trade.

Walt Disney adjusted the EPS to $1.08, which was below consensus estimates of 1.17. Analyst consensus was for $19.25 trillion. Revenues came in below that of $20.11 billion.

Revenue from media and entertainment distribution increased by 9.5% year-over-year and was just under the anticipated $13.83 billion. Analysts expected $6.12billion in revenues from parks, experiences and products. Parks, experience, and product revenue was $6.7billion.

DIS reported that 22.3 Million ESPN+ subscribers were subscribed to, which is less than the consensus prediction of 22.5million. The number of Hulu & Live TV subscribers stood at 4.1 million in the period, short of the estimated 4.4 million.

According to Disney, total Hulu subscribers were 45.6 millions. That’s also less than the analysts consensus of 46.6million. Disney+’s average revenue per user (ARPU), was $4.35, which is lower than the consensus estimate of $4.47. ESPN+ ARPU was 4.73, which is lower than the $5.33 projection.

“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,” said Bob Chapek, CEO of the Walt Disney Co.

Benjamin Swinburne, Morgan Stanley analyst, reiterated his Overweight rating with a $170.00 share price target for DIS stock.

“Economic uncertainty remains an overhang at Parks and there is work to be done on streaming, but F2Q results highlight Disney’s growth potential. We see 60%+ upside to $170 PT with shares at our bear case today,” Swinburne said in a client note.

For BofA’s Jessica Reif Ehrlich, results “were largely positive.” Still, the analyst cut the price target to $140.00 per share from $191.00.

“DIS’ F2Q results were largely positive although management commentary on 2H DIS+ net adds are likely to be a key concern among investors… Near term catalysts include: 1) continued theme park improvement, 2) DTC market rollouts with increased content output, 3) upcoming film slate and 4) future reinstatement of the dividend,” Reif Ehrlich wrote in a note.

By Senad Karaahmetovic