Streaming has carried Disney through the pandemic with Disney+ growing to more than 100 million subscribers. Yet on Thursday, the biggest star in Disney’s universe shined a little less bright.
Disney+ now has 103.6 million subscribers, which was below the 110 million that what many on Wall Street were expecting. This seemed to follow the path of Netflix, whose subscriber growth in the last quarter was also sluggish.
As for Disney’s revenue, it came in at $15.6 billion, down 13% from last year, the company said in its second quarter earnings announcement, slightly below what the market was expecting
However, when it came to profits Disney rebounded in a big way. The company reported earnings of $912 million in this quarter, up 95% from $468 million last year.
After the news of its subscriber growth, Disney’s stock was down as much as 4% in after hours trading.
This is a developing story.