Disney's streaming business turns profitable in first financial report since challenge to Iger

FILE - A Disney logo forms part of a menu for the Disney Plus movie and entertainment streaming service on a computer screen in Walpole, Mass, Nov. 13, 2019. Walt Disney's moved to a loss in its second quarter, hampered by significantly higher restructuring and impairment charges, but its streaming business was profitable and theme parks continued to be a strength. While The Walt Disney Co.

“Looking at our company as a whole, it’s clear that the turnaround and growth initiatives we set in motion last year have continued to yield positive results,” CEO Bob Iger said in a prepared statement.For the period ended March 30, Disney lost $20 million, or a penny per share. That compares with a profit of $1.27 billion, or 69 cents per share, a year ago.

Adjusted earnings were $1.21 per share, easily beating the $1.12 per share that analysts polled by Zacks Investment Research predicted.

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Disney's streaming business turns profitable in first financial report since challenge to IgerThe Walt Disney Co. moved to a loss in its second quarter, hampered by significantly higher restructuring and impairment charges, but its adjusted profit topped Wall Street’s view and its streaming business was profitable
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