Walt Disney Co. on Tuesday reported strong earnings for its fiscal second quarter, despite continued headwinds from the streaming wars.
The company’s revenue rose 23% to $19.2 billion, beating analysts’ expectations. Earnings per share were $1.08, also above forecasts.
The results were driven by solid growth in Disney’s parks, experiences, and products segment, which includes its theme parks, cruise lines, and consumer products business. This segment saw revenue rise 44% to $6.7 billion.
Disney’s streaming business, however, continued to face challenges. Revenue at Disney+, Hulu, and ESPN+ rose 34% to $4.7 billion, but the company added fewer subscribers than expected.
Disney CEO Bob Chapek said the company is “laser-focused” on growing its streaming business. He said Disney is investing heavily in new content and is working to make its streaming services more affordable.
Chapek also said Disney is “confident” in its ability to navigate the current challenges and emerge as a stronger company.
Key Points:
- Disney reported solid earnings for its fiscal second quarter, despite continued headwinds from the streaming wars.
- Disney’s parks, experiences, and products segment revenue rose 44% to $6.7 billion.
- Revenue at Disney’s streaming business rose 34% to $4.7 billion, but the company added fewer subscribers than expected.
- Disney CEO Bob Chapek said the company is “laser-focused” on growing its streaming business.
- Chapek said Disney is investing heavily in new content and is working to make its streaming services more affordable.
- Chapek also said Disney is “confident” in its ability to navigate the current challenges and emerge as a stronger company.
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