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Disney Adds Fewer-Than-Expected Disney+ Subscribers; Revenue Falls Short

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Walt Disney Co. added 8.7 million Disney+ subscribers in its fiscal second quarter, and its parks segment logged an operating loss as the company faces an economy trying to emerge from the Covid-19 pandemic.

Disney+ ended the quarter with 103.6 million subscribers, compared with 94.9 million on Jan. 2. Analysts polled by FactSet were expecting 109.3 million subscribers.

In March, the streaming service passed the 100-million-subscriber mark after just 16 months of operation, cementing its status as the most successful streaming entrant since Netflix Inc. defined the field years ago.

Meanwhile, the company’s parks, experiences and products business—which includes its storied Disney World and Disneyland resorts—saw a 44% drop in revenue compared with a year earlier. That division reported an operating loss of $406 million.

Overall, Disney’s total revenue fell 13% from the comparable 2020 period to $15.61 billion. According to FactSet, analysts were expecting $15.86 billion.

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