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Disney posted a bigger-than-expected fall in quarterly revenue on Thursday as streaming subscriber additions slowed from movie theaters gradually reopening and as operations at its theme parks remain restricted.
Overall revenue fell 13% to $15.61 billion in the second quarter ended April 3, missing analysts' estimate of $15.87 billion, according to IBES data from Refinitiv.
The company ended its second quarter with 103.6 million paid subscribers, missing analysts' estimates of 109 million.
It's another example of how the rapid growth in streaming subscribers during the pandemic seems to be slowing as vaccine rollouts accelerate theater reopenings and live sports events, giving people more avenues of entertainment. Streaming competitor Netflix saw a similar slowdown in Q1, adding four million new customers compared to the six million that were expected.
Overall revenue fell 13% to $15.61 billion in the second quarter ended April 3, compared with analysts' estimate of $15.87 billion, according to IBES data from Refinitiv.
Net income from continuing operations rose to $912 million, or 50 cents per share, in the second quarter from $468 million, or 26 cents per share, from a year earlier.
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