The Walt Disney Co. disappointed Wall Street with earnings and revenue results, but added more streaming subscribers than expected. $DIS posted fiscal Q2 net income of $470 million, or 26 cents a share, on sales of $19.25 billion.
The Walt Disney Co. disappointed Wall Street with earnings and revenue results Wednesday, but added more streaming subscribers than expected in the wake of problems at rival Netflix Inc., sending shares higher in late trading.
The results sent Disney’s stock up almost 5% in after-hours trading Wednesday following the release of the results, after falling 2.3% to $105.25 in the regular session. Disney’s performance in streaming comes amid escalating competition from rivals Netflix NFLX, -6.35%, Apple Inc. AAPL, -5.18%, AT&T Inc. T, +0.36%, Comcast Corp. CMCSA, -1.14% and Amazon.com Inc. AMZN, -3.20% at the a time when belt-tightening consumers are scaling back on subscriptions. Netflix has been especially pinched, losing subscribers for the first time in a decade, because of a variety of reasons that include inflation, the war in Ukraine and competition.
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