Walt Disney Co (NYSE: DIS) shares gained 2.4% on Friday after the company reported a better-than-expected earnings loss in the third quarter and said its Disney+ streaming service now has more than 73 million paid subscribers.
Disney reported an adjusted third-quarter EPS loss of 20 cents, beating Wall Street estimates of a 71-cent loss. In addition, Disney reported $14.71 billion in revenue, ahead of analyst expectations of $14.2 billion.
By combining its 73.7 million Disney+ subscribers, its 36.6 million Hulu subscribers and its 10.3 million ESPN+ subscribers, Disney now has roughly 120 million total streaming subscribers compared to about 195 million subscribers for Netflix, Inc. (NASDAQ: NFLX).
Disney also announced it's suspending its semi-annual dividend as a defensive measure due to the pandemic and as part of its plan to prioritize investment in direct-to-consumer businesses.
Disney reported an adjusted third-quarter EPS loss of 20 cents, beating Wall Street estimates of a 71-cent loss. In addition, Disney reported $14.71 billion in revenue, ahead of analyst expectations of $14.2 billion.
By combining its 73.7 million Disney+ subscribers, its 36.6 million Hulu subscribers and its 10.3 million ESPN+ subscribers, Disney now has roughly 120 million total streaming subscribers compared to about 195 million subscribers for Netflix, Inc. (NASDAQ: NFLX).
Disney also announced it's suspending its semi-annual dividend as a defensive measure due to the pandemic and as part of its plan to prioritize investment in direct-to-consumer businesses.