Disney’s streaming unit beat expectations even as it shed 12 million Disney+ subscribers, according its latest quarterly earnings report released Wednesday afternoon, as the entertainment giant contends with turbulence while struggling to return profits to prior glory.Disney’s $22.33 billion of revenue and $1.03 earnings per share largely tracked consensus analyst estimates of $22.5 billion and $0.96, respectively, as tracked by FactSet.
The conglomerate’s park and linear television units continued to beef up the bottom line, as the units’ $1.1 billion and $1.9 billion in quarterly operating profit were in line with expectations, respectively, while Disney bled $512 million in its flashier direct-to-consumer media business including Disney+, ESPN+ and Hulu, far below projections of a $758 million loss.
The company reported a staggering 12 million decrease in Disney+ subscribers, though its subscriber loss in the U.S. and Canada was a milder 1%. Disney incurred $2.7 billion in restructuring costs during the quarter in which the company concluded its round of roughlyShares of Disney registered a roughly 1% in after hours trading as investors digested the mixed-bag report.Disney’s earnings release comes amid a turbulent stretch for the company’s stock, which is down 20% over the last five years, far underperforming the S&P 500’s roughly 60% return over the timeframe.
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