) said Tuesday that an important part of its streaming business turned a profit for the first time but that it expects weaker results in that segment for the current quarter, sending its stock down as much as 8% pre-market.
The company said it expects DTC results in the entertainment segment to be in the red in the third quarter, driven by losses from its Indian brandAdditionally, not all of Disney's streaming services were profitable in Q2. Including ESPN+, total direct-to-consumer losses amounted to $18 million versus the $659 million loss reported in the year-earlier period. Disney expects full streaming profitability by the fourth quarter of this year.
On the earnings call, Disney CFO Hugh Johnston said the company has seen "some evidence of a global moderation from peak post-covid travel" at its theme parks. He also noted rising costs and inflation will likely register a hit to profits.The company reported Q2 adjusted earnings of $1.21 a share — a beat compared with the $1.10 analysts polled by Bloomberg had expected and higher than the $0.93 Disney reported in Q2 2023.
Meanwhile, the parks business delivered another strong quarter of results with domestic operating income surging to $1.61 billion compared to $1.52 billion in the prior year period. It was a similar story for domestic linear network revenue within the entertainment division, which fell 11% year over year in the quarter. Operating income within the segment dropped 18%. This was also blamed on lower affiliate revenue, along with a decline in advertising revenue.with the reveal of an upcoming joint venture partnership with Fox and Warner Bros. Discovery. The company is also working on a separate sports streaming platform for ESPN,to $2.6 billion, up from the previous $1.
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