Entertainment and media conglomerate Walt Disney Co. (DIS), Thursday reported a mixed results for its second quarter, as its earnings trumped Wall Street estimates but revenues fell shy of expectations.<\/p>\n
Burbank, California-based Disney reported a second-quarter profit of $901 million or $0.50 per share, compared with last year’s profit of $460 million or $0.25 per share.<\/p>\n
Adjusted earnings for the quarter were $0.79 per share, up from $0.60 per share last year. On average, 25 analysts polled by Thomson Reuters estimated an earnings of $0.27 per share.<\/p>\n
Revenues for the quarter slipped 13% to $15.61 billion from last year’s $18.03 billion last year. Analysts had a consensus revenue estimate of $15.87 billion.<\/p>\n
The company said its Disney Parks, Experiences and Products segment where impacted by the ongoing Covid-19 pandemic as since last year parks and resorts have been closed or operating at significantly reduced capacity and its cruise ship sailings have been suspended.<\/p>\n
Disney Parks, Experiences and Products revenues plunged 44% to 3.18 billion from $5.66 billion last year. Disney Media and Entertainment Distribution segment revenues gained 1% to $12.44 billion from $12.37 billion last year.<\/p>\n
Disney revealed that its Disney+ streaming service now has 103.6 million subscribers. In March, at the company’s annual shareholder meeting, CEO Bob Chapek had announced that subscription service had reached 100 million milestone. <\/p>\n
Direct-to-Consumer revenues, which includes Hulu, ESPN+ and Disney+ services, increased 59% to $4.00 billion. Hulu recorded 30% subscriber growth to 41.6 million subscribers and ESPN+ subscriber growth increased 75% to 13.8 million.<\/p>\n
DIS closed Thursday’s trading at $178.34, up $0.49 or 0.28%, on the Nasdaq. The stock, however, slipped $6.21 or 3.48%, in the after-hours trade. <\/p>\n