Disney+ Streaming Business Gives Disney Profit Surprise
The growing streaming business Disney+ has given the entertainment company Disney a strong profit surprise. The company benefited from people's search for entertainment in the pandemic and increased the number of its subscribers to 94.9 million. However, in other areas of Disney such as the theme parks, business came to a virtual standstill because of the lockdown measures. Disney (DIS) reported a surprise profit of $17 million, or 2 cents a share, for its fiscal first quarter on revenue of $16.25 billion, up from $15.8 billion a year earlier. Adjusted for restructuring and other effects, Disney posted earnings of 32 cents per share, up from $1.53 in the year-ago quarter. Analysts had expected an adjusted loss of 34 cents per share on revenue of $15.9 billion, according to FactSet.