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Disney revenue plummets 13 percent since 2020; streaming service records 'slower than expected' growth after pandemic boost

·1 min read

The Walt Disney Company on Thursday said it was seeing "encouraging signs of recovery" across a wide range of its businesses while its streaming television service grew slower than expected in the recently ended quarter.

The streaming TV service Disney+ ended the quarter with nearly 104 million subscribers, fewer than expected but still part of a stable of "direct-to-consumer" services that saw audiences swell as people turned to the internet for entertainment because of the pandemic.

Disney said that it was seeing positive signs across its operations including parks, cruises, and resorts which took the hardest hit from Covid-19.

"We're pleased to see more encouraging signs of recovery across our businesses, and we remain focused on ramping up our operations while also fueling long-term growth for the company," Disney chief executive Bob Chapek said in the earnings release.

"This is clearly reflected in the reopening of our theme parks and resorts, increased production at our studios, the continued success of our streaming services."

Disney reported revenue of $15.6 billion, down 13 percent from the same period a year earlier.

Net income for the company was reported at $901 million.

Shares in the Los Angeles-based entertainment giant were down four percent in after-market trades that followed release of the earnings figures.

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Read more on Entertainment by Firstpost.

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