NFLX - Disney Reaches Profitability In Entertainment Streaming | Benzinga
On Monday, The Walt Disney Company (NYSE: DIS) surpassed analyst estimates with its fiscal second quarter earnings and provided good news from its streaming arena. Although it is still behind Netflix Inc (NASDAQ: NFLX) on the streaming front, when excluding ESPN, Disney+ and Hulu reported a combined profit for the very first time. However, shares tanked 10% upon the report as overall revenue failed to impress for the fourth straight quarter and Disney guided for a softer third quarter for the experiences segment.
Second Fiscal Quarter Highlights
For the March quarter, Disney posted revenue grew 1% YoY to $22.08 billion, coming short of LSEG’s estimate of $22.11 billion.
Theme parks continued to do well with U.S. parks and experiences revenue increasing 7% to $5.96 billion. With increased attendance and higher prices at the Hong Kong Disneyland resort, international sales jumped as much as 29% to $1.52 billion. But California resort posted lower profits due ...