Investing.com - Walt Disney (NYSE:DIS) reported on Thursday second quarter earnings that beat analysts' forecasts but revenue fell short.
Walt Disney announced earnings per share of 79 cents on revenue of $15.61 billion. Analysts polled by Investing.com anticipated EPS of 27 cents on revenue of $15.86 billion.
Walt Disney shares are down 1% from the beginning of the year, still down 12.24% from its 52-week high of $203.01 set on March 8. They are under-performing the S&P 500, which is up 9.5% from the start of the year.
Walt Disney shares lost 4.02% in after-hours trade following the report.
The number of paid subscribers reached 103.6 million, which was less than 109.3 million estimated by analysts, CNBC reported. The Parks segment continued to drag on result thanks to closures and limited capacity. The company estimated an additional $1.2 billion impact on the Disney Parks, Experiences and Products segment operating income compared to the prior-year quarter.
But California parks reopened in April, and vaccinations are driving the loosening of rules.
“We’re pleased to see more encouraging signs of recovery across our businesses, and we remain focused on ramping up our operations while also fueling long-term growth for the Company,” said Chief Executive Officer Bob Chapek. “This is clearly reflected in the reopening of our theme parks and resorts, increased production at our studios, the continued success of our streaming services, and the expansion of our unrivaled portfolio of multiyear sports rights deals for ESPN and ESPN+.”
Walt Disney's report follows an earnings beat by Amazon.com on April 29, which reported EPS of $15.79 on revenue of $108.52 billoin, compared to forecasts EPS of $9.54 on revenue of $104.51 billion.
Alibaba ADR had missed expectations on Thursday with fourth quarter EPS of $10.32 on revenue of $187.4 billion, compared to forecast for EPS of $11.80 on revenue of $180.08 billion.
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