Disney misses quarterly revenue estimates, shares fall

Walt Disney missed analysts' estimates for quarterly revenue on Thursday as streaming subscriber additions slowed from movie theaters gradually reopening and operations at its theme parks remaining restricted.The rapid growth in subscribers during the pandemic seems to be slowing as vaccine rollouts accelerate theater reopenings and live sports events, giving people more avenues of entertainment.

Overall revenue fell 13 per cent to US$15.61 billion in the second quarter ended Apr 3, compared with analysts' estimate of US$15.87 billion, according to IBES data from Refinitiv. Net income from continuing operations rose to US$912 million, or 50 cents per share, in the second quarter from US$468 million, or 26 cents per share, from a year earlier.

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