By Erich Schwartzel and Allison Prang
Walt Disney Co. added 8.7 million Disney+ subscribers in the second quarter and its parks segment logged an operating loss as the company faces an economy trying to emerge from the Covid-19 pandemic.
Disney+ ended the quarter with 103.6 million subscribers, compared with 94.9 million as of Jan. 2. Analysts polled by FactSet were expecting 109.3 million subscribers.
In March, the streaming service passed the 100 million-subscriber mark after 16 months of operation, cementing its status as the most successful streaming entrant since Netflix Inc. defined the field years ago.
The company's parks, experiences and products business -- which includes its storied Disney World and Disneyland resorts -- saw a 44% drop in revenue compared with a year earlier. That division reported an operating loss of $406 million.
Overall, Disney's total revenue fell 13% from the comparable 2020 period to $15.61 billion. According to FactSet, analysts were expecting $15.86 billion.
Disney logged $901 million in net income, or earnings of 49 cents a share. A year earlier, the company's earnings were $460 million, or 25 cents a share. The company's tax expenses a year ago were higher, which hurt its year-earlier results, and the company also logged $305 million in net other income for the recent three-month period.
Adjusted earnings were 79 cents a share, while analysts were expecting 26 cents a share according to FactSet.
Shares fell 4.5% in after-hours trading.
Write to Allison Prang at firstname.lastname@example.org
(END) Dow Jones Newswires