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Disney's streaming business makes adjusted profit in first financial report since challenge to Iger

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The Walt Disney Co. moved to a loss in its second quarter, hampered by restructuring and impairment charges, but its adjusted profit topped expectations and its streaming business turned a profit. Theme parks also continued to do well.

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 …

“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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