Is Disney suddenly giving off Netflix vibes? The media giant reported powerhouse streaming numbers in its fiscal fourth quarter, with flagship service Disney+ surging to 164.2 million global subscribers, but some key financial metrics fell short of Wall Street expectations.
Total revenue of $20.15 billion in the period ending October 1 increased 9% over the year-ago quarter. Earnings per share, meanwhile, tumbled 19% to 30 cents on a diluted basis.
Wall Street analysts’ consensus forecast for revenue was $21.44 billion and EPS was 56 cents. The company’s Media and Entertainment Distribution division saw its revenue slump 3% to $12.7 billion, while Parks, Experiences and Products jumped 36% on the continued bounce-back of theme parks and travel after lengthy Covid setbacks.
Direct-to-Consumer revenues for the quarter increased 8% to $4.9 billion and operating loss increased by$800 million to $1.5 billion.
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