Disney Streaming Turns Profit, EPS $1.21 Beats, Stock Slides 5%

May 7, 2024, 10:36 AM

Walt Disney Co. reported its quarterly earnings, revealing a surprise profit in its streaming business, which includes Disney+ and Hulu, marking its first profit since the service's launch. The company reported adjusted earnings per share (EPS) of $1.21, surpassing the expected $1.10, and revenue of $22.08 billion, slightly below the forecast of $22.11 billion. Disney+ subscribers reached 153.6 million, missing the expected 155.66 million. Despite these numbers, Disney's stock slid over 5% due to the revenue and subscriber count miss. Additionally, Disney raised its full-year adjusted EPS growth target from 20% to 25%, and its total segment operating income jumped 17%. Streaming losses narrowed to $18 million in the quarter.