What's Going On With Disney Stock Today?

Walt Disney Co DIS shares are trading lower Thursday on the heels of the company's second-quarter report, which showed a drop in Disney+ subscribers.

What Happened: Disney said second-quarter revenue increased 13% year-over-year to $21.82 billion, which beat consensus estimates of $21.79 million, according to Benzinga Pro. The company reported earnings of 93 cents per share, which was in line with analyst estimates.

Media & Entertainment revenue was up 3% year-over-year, while Parks, Experiences and Product revenue jumped 17%, driven by higher guest volume and guest spending in theme parks. 

Disney+ subscribers decreased 2% year-over-year to 157.8 million. However, average revenue per Disney+ subscriber increased 13% year-over-year to $4.44. ESPN+ subscribers were up 2%, while Hulu subscribers came in flat.

Related Link: Disney Q2 Earnings Highlights: Details On Revenue Beat, Disney+ Subs And How All Of The Mouse's Streaming Platforms Performed

"We're pleased with our accomplishments this quarter, including the improved financial performance of our streaming business, which reflect the strategic changes we've been making throughout the company to realign Disney for sustained growth and success," said Bob Iger, CEO of Disney.

On a conference call with investors and analysts, Disney said it expects to recognize an impairment charge of $1.5 billion to $1.8 billion in the third quarter related to moving content from streaming services. The company also said "softness" in Disney+ subscribers "may linger" into the third quarter.

Following the print, Credit Suisse analyst Douglas Mitchelson reiterated Disney with an Outperform and a $133 price target.

See Also: Disney Feels The Heat In India As 8.4M Streaming Subscribers Jump Ship In 6 Months

DIS Price Action: Disney shares were down 5.47% at $95.70 at the time of writing, according to Benzinga Pro.

Photo: Pexels from Pixabay.