Why Disney Shares Are Rising Following Netflix's Earnings Report

Notable names in the streaming and entertainment sector, including Walt Disney Co DIS, are trading higher in sympathy with Netflix Inc NFLX Wednesday morning after the company reported better-than-expected third-quarter results and reported global streaming paid net additions of 2.41 million. Global streaming paid memberships grew 4.5% year over year.

What Happened?

Netflix reported third-quarter revenue of $7.93 billion, up 5.9% year-over-year. The total came in ahead of a Street estimate of $7.84 billion, according to data from Benzinga Pro.

The company posted third-quarter earnings per share of $3.10, beating a Street estimate of $2.13...Read More

See Also: Netflix Q3 Earnings Highlights: Revenue, Subscribers Beat Estimates, Company Throws Shade At Streaming Rivals

Disney is trading higher by 1.17% at $99.58 Wednesday morning.