New York, May 12, (dpa/GNA) - Shares in The Walt Disney Company gained over 3% in extended trading on Wednesday after the US entertainment giant reported its second-quarter results, with earnings beating Wall Street estimates by a $0.01, as streaming subscribers rose and theme park revenues increased.
The Burbank, California-based conglomerate reported a second-quarter profit of $470 million, compared with last year’s profit of $901 million.
Adjusted earnings for the quarter were $1.08 per share, up from $0.79 per share last year.
On average, 14 analysts polled by Thomson Reuters estimated earnings of $1.07 per share. Revenues for the quarter jumped 23% to $19.25 billion from last year’s $15.61 billion last year.
Analysts had a consensus revenue estimate of $18.91 billion.
“Our strong results in the second quarter, including a fantastic performance at our domestic parks and continued growth of our streaming services-with 7.9 million Disney+ subscribers added in the quarter and total subscriptions across all our DTC offerings exceeding 205 million-once again proved that we are in a league of our own,” said CEO Bob Chapek.
Disney Parks, Experiences and Products revenues more than doubled to $6.65 billion from $3.17 billion last year.
Disney Media and Entertainment Distribution segment revenues gained 9% to $13.62 billion from $12.44 billion last year.
Direct-to-Consumer revenues, which include Hulu, ESPN+ and Disney+ services, increased 23% to $4.9 billion.
Disney+ subscribers surged 33% to 137.7 million from 103.6 million last year.
Meanwhile, Hulu recorded a 10% subscriber growth to 45.6 million subscribers and ESPN+ subscriber growth surged 62% to 22.3 million.
Disney closed Wednesday’s trading at $105.21, down $2.47 or 2.29%, on the NYSE.
The stock, however, gained $3.04 or 2.89% in after-hours trading.
GNA