NEW YORK – The Walt Disney Co.'s net income fell sharply in its most-recent quarter, as the coronavirus pandemic still weighs heavily on many of its businesses, from theme parks to movies.
But the results Thursday surpassed Wall Street's expectations thanks to subscribers flocking to Disney+ and other of the entertainment giant's streaming services.
Disney+ subscribers totaled 94.9 million at the end of the quarter, more than double the subscriber base a year ago, when the service had been operating for only about two months.
For Disney's fiscal first quarter, net income totaled $17 million, or 1 cent per share, compared with $2.1 billion or $1.16 cents per share a year earlier.
Excluding one-time items, net income totaled 32 cents per share, compared with $1.53 per share in the prior-year quarter.