Disney released first-quarter results that beat analysts' expectations. While its streaming division posted a profit, the theme park segment faced challenges due to two hurricanes and higher investment in cruise ships.
Disney $DIS reported that the number of Disney+ subscribers fell by 700,000 in the first quarter. This decline was expected due to the increase in subscription prices in October. Analysts had originally projected a decline of up to 1.41 million subscribers, meaning the actual number was more favorable. The company expects another slight decline in the second quarter.
Although the company's stock initially rose 2% after the results were released, investors later reassessed the situation and the growth faded. Disney reported revenues of $24.70 billion, which beat analysts' expectations ($24.57 billion) and represented a 5% year-on-year increase. Adjusted earnings per share were $1.76, well above expectations of $1.42. Total profit was up 44% year-over-year.
Results across the…