The American mass media and entertainment conglomerate reported second-quarter fiscal 2021 earnings that didn’t impress the markets
Disney announced an EPS of 79 cents on revenue of $15.61 billion. While the EPS topped the 27 cents estimates, the same can’t be said about the revenue as analysts were looking for $15.86 billion.
The number of paid subscribers reported during the quarter disappointed analysts, who were looking for 109 million, with the actual figures came in at 103.6 million. At a global level, it added less than 4 million subscribers. Moreover, the Parks segment of the company continued to drag on results due to limited capacity and closures. Disney estimated an additional $1.2 billion on the Disney Parks, Experiences, and Products segment operating income from the year-ago period.
Disney’s net income from continuing operations reached $912 million, from last year’s $468 million.
For the future, Disney plans to expand in countries such as Malaysia and Thailand starting June. Moreover, it projects 230 million to 260 million subscribers by 2024.
Sources: cbnc.com, Nasdaq.com