Disney earnings miss across the board with slowing streaming growth

A stunning firework show is held at the Magic Kingdom Park in Walt Disney World Resort on July 1, 2021 in Lake Buena Vista, Florida. .

Liao Pan | China News Service | Getty Images

Disney reported fiscal third-quarter earnings on Wednesday after-the-bell. The company missed Wall Street estimates across the board, sending the stock down in after-hours trading.

Earnings per share: 37 cents adj. vs 51 cents expected, according to RefinitivRevenue: $18.53 billion vs $18.79 billion expected, according to Refinitiv

The company reported 118.1 million Disney+ subscribers, in line with Disney’s estimates. During the Goldman Sachs Communacopia Conference in September, CEO Bob Chapek said the segment’s growth had “hit some headwinds” and that Disney expected to add “low single-digit millions” of streaming subscribers in the fourth quarter.

However, Wall Street seemed more bullish than Chapek. StreetAccount estimated the company would report 125.4 million total Disney+ subscribers as of the fourth quarter, suggesting 9.4 million new subscribers since the third quarter.

This is a developing story. Please check back for updates.

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