May 10 (UPI) — The Walt Disney Company’s shares fell Wednesday after the media giant released its latest quarterly earnings report.
Disney shares fell 1.03 points, or 1.01%, on the New York Stock Exchange by the end of the trading day, but were down 4.39 points or 4.34% in after-hours trading as of 5:52 pm EDT.
The California-based entertainment company reported revenue growth of 13% for the quarter on a year over year basis. Revenue climbed by 13% over last six months, compared to the previous year.
Both figures met or exceeded analysts expectations, but the company also saw the number of subscribers to its Disney+ streaming service decline.
The streaming service lost 3.6 million subscribers over the same period.
But the company’s direct-to-consumer content unit, of which the streaming service is a part, saw its lowest level of losses in six quarters, reducing the red ink by 26% compared to the fourth quarter of last year.
“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,” CEO Bob Iger said in a statement.
A large part of Disney’s $21.82 billion in first quarter revenue came from the company’s theme parks.
Disney stock has declined more than 20% since peaking at over $189 in February of 2021. Its high point so far this calendar year came in February when its shares eclipsed $113.