IPFS News Link • Media: Internet
Disney Tumbles On Subscriber, Revenue Miss
• https://www.zerohedge.com, by Tyler DurdenAfter several impressive quarters of huge gains for its recently launched Disney+ subscription service, Disney couldn't quite make it this time and moments ago the company reported Q1 earnings that beat on the bottom line but missed on revenues and subscribers, sending the stock sliding in after hours.
Here are the details: first the good news:
Adjusted EPS 79c, more than double the estimate of 32c
And now the bad:
Disney+ subscribers 103.6 million, estimate 110.3 million (Bloomberg Consensus)
Revenue $15.61 billion, estimate $15.85 billion (range $14.94 billion to $16.93 billion)
Similar to Netflix, the torrid growth of Disney+ is also stalling fast:
Nov 2019: launches
Feb 2020: 29 million
Apr 2020: 50 million
May 2020: 55 million
Jun 2020: 58 million
Aug 2020: 61 million
Oct 2020: 74 million
Dec 2020: 87 million
Jan 2021: 95 million
Mar 2021: 100 million
Apr 2021: 104 million
The top-line breakdown showed softness in the media and entertainment distribution even as parks came in line:
Media and entertainment distribution revenue $12.44 billion, estimate $12.64 billion,
Parks, experiences and products revenue $3.17 billion, estimate $3.17 billion