Walt Disney Theme Parks Revenue Drops 85%, Disney+ Subscribers Hit 57.5M

Walt Disney Co DIS reported adjusted quarterly earnings of 8 cents per share on Tuesday, which does not compare to the analyst consensus estimate of a 64-cent loss.

The company reported quarterly sales of $11.78 billion, which missed the analyst consensus estimate of $12.39 billion by 4.93%. This is a 41.82% decrease over sales of $20.25 billion in the same period last year.

Notably, theme parks revenues decreased by 85% for a loss of $3.5 billion. The company reports 57.5 million Disney+ paid subscribers as of June 27.

"Despite the ongoing challenges of the pandemic, we've continued to build on the incredible success of Disney+ as we grow our global direct-to-consumer businesses," said CEO Bob Chapek. "The global reach of our full portfolio of direct-to-consumer services now exceeds an astounding 100 million paid subscriptions -- a significant milestone and a reaffirmation of our DTC strategy, which we view as key to the future growth of our company."

Disney shares traded up 2.2% at $119.88 in Tuesday’s after-hours session. The stock has a 52-week high of $153.41 and a 52-week low of $79.07.

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