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Disney misses quarterly revenue estimates, shares fall

Disney misses quarterly revenue estimates, shares fall

A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, on Dec 14, 2017. (Photo: REUTERS/Brendan McDermid)

Walt Disney missed analysts' estimates for quarterly revenue on Thursday (May 13) as streaming subscriber additions slowed from movie theaters gradually reopening and operations at its theme parks remaining restricted.

Shares of the company fell 4 per cent to US$172 in extended trading.

The rapid growth in subscribers during the pandemic seems to be slowing as vaccine rollouts accelerate theater reopenings and live sports events, giving people more avenues of entertainment.

Overall revenue fell 13 per cent to US$15.61 billion in the second quarter ended Apr 3, compared with analysts' estimate of US$15.87 billion, according to IBES data from Refinitiv.

Net income from continuing operations rose to US$912 million, or 50 cents per share, in the second quarter from US$468 million, or 26 cents per share, from a year earlier.

Source: Reuters/nh

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