Disney shares rise after company beats estimates on streaming subscribers

In this photo illustration a close-up of a hand holding a TV remote control seen displayed in front of the Disney+ logo.

After the closing bell, Disney's shares rose 3% after the company reported better than expected growth in streaming subscribers.

The results are here.

• Earnings per share: $1.08 adj.
• Revenue: $19.25 billion
• Disney+ total subscriptions: 137.7 million vs. 135 million expected, according to StreetAccount

The stock moved after the company's shares hit a low.

According to StreetAccount, Disney reported that Disney+ subscriptions rose to 137.7 million during the second quarter, higher than the 135 million analysts had forecast.

Our strong results in the second quarter included fantastic performance at our domestic parks and continued growth of our streaming services, with 7.9 million Disney+ subscribers added in the quarter.

The investors wanted to see Disney's subscription numbers after the company's competitor,Netflix, posted subscriber losses during its most recent quarter.

Since January, Disney's shares have fallen 30% and more than 40%, as investors wonder if the company can sustain its streaming growth and how inflation and a possible recession could affect its other business ventures.

The company appeared to be bouncing back from Covid restrictions.

Disney's parks, experiences and products segment saw revenues more than double during the quarter. Increased attendance, hotel bookings, cruise ship sailings, ticket prices, and spend on food, beverage, and merchandise were some of the reasons for the company's growth.

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