New York (CNN Business)Disney kicked off its 2021 fiscal year much as it spent most of 2020, with the pandemic hammering many of its businesses. But Disney+ continues to be the star of the show.
Disney’s revenue came in at $16.2 billion, which was down 22% from last year, the company said during its first quarter earnings on Thursday. While the revenue was a decline from last year, it was above Wall Street expectations. Disney’s profits continued to take a hit as it reported $29 million in this quarter, which was down 99% from $2.1 billion last year.Yet Disney+ is still growing, and Wall Street is still loving it.
The company’s streaming service now has nearly 95 million subscribers, which is up from the 86 million subscribers the company said it had in December. Disney CEO Bob Chapek also announced that Disney’s streaming business, which also includes services like Hulu and ESPN+, now has 146 million total paid subscriptions at the end of the quarter.Read More
The news of the earnings sent the company’s stock up 2% in after-hours trading.This is a developing story.