(May 14) Walt Disney is 3.38% lower on its fiscal second-quarter earnings report, where revenues fell worse than expected and itshighly watched Disney Plus subscriber numbers fell short of expectations.
Revenues fell 13.3% to $15.6B, some $320M short of consensus, as streaming didn't mitigate parks losses as much as expected. And profitability measures by contrast came in ahead of expectations.
EPS excluding certain items rose 32% to $0.79, however. (As reported, EPS from continuing operations rose to $0.50 from $0.26.)
But Disney Plus subscribers hit 103.6M. That's roughly in line with investor expectations though analysts were looking for a figure closer to 109M.
Revenue by segment: Disney Media and Entertainment Distribution, $12.4B (up 1%); Disney Parks, Experiences and Products, $3.17B (down 44%).
Operating income by segment: Disney Media and Entertainment Distribution, $2.87B (up 74%); Parks, Experiences and Products, -$406M (down from $756M a year ago).
“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,” says CEO 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 Plus.”
Cash from continuing operations fell 56% to $1.39B, and free cash flow slipped 67% to $623M.
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