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– Disney Shares Plunge Most In Year On Subscriber Miss, Disappointing Guidance:
Disney reported fiscal second-quarter profits that exceeded estimates of the average analysts tracked by Bloomberg and raised its full-year earnings guidance. However, shares tumbled in early trading in New York as investors focused more on the Disney+ streaming service, missing its forecast for the quarter.
For the quarter ending March 30, the Disney+ streaming service reported 153.6 million subs, which fell short of Wall Street’s expectations of 155.66 million. This is currently overshadowing any positive news from the quarter.
Earnings increased to $1.21 a share, excluding some items, in the quarter, beating the $1.12 average of analysts’ estimates. Revenue in the first three months of the year increased by 1.2% to $22.08 billion, compared with analysts’ forecast of $22.1 billion.
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