Disney parks thrive in second quarter and it adds well over 1 million streaming subscribers

California, May 7 (AP) Disney's posted solid profits and revenue in the second quarter as its domestic theme parks thrived and the company added well over a million subscribers to its streaming service.
     For the three months ended March 30, Disney earned USD 3.28 billion, or USD 1.81 per share. The Burbank, California, company lost USD 20 million, or a penny per share, a year earlier.
     Removing one time charges or benefits, earnings were USD 1.45 per share, easily topping the USD 1.18 that Wall Street was expecting, according to a survey by Zacks Investment Research.
     Revenue rose 7 per cent to USD 23.62 billion, also topping projections.
     Revenue in Disney's Entertainment segment climbed 9 per cent, while revenue for the Experiences division increased 6 per cent.
     Disney's direct-to-consumer business, which includes Disney+ and Hulu, posted quarterly operating income of USD 336 million compared with USD 47 million in the prior-year period. Revenue increased 8 per cent.
     The Disney+ streaming service had a 2 per cent increase in paid subscribers domestically, which includes the US and Canada. There was a 1 per cent rise internationally, which excludes Disney+ HotStar. Total paid subscribers for Disney+ edged up 1 per cent in the quarter to 126 million subscribers from 124.6 million in the first quarter.
     Disney+ and Hulu subscriptions totalled 180.7 million, up 2.5 million from the first quarter.
     The Walt Disney Co previously said that it expected a modest decline in Disney+ subscribers in the second quarter when compared with the first quarter.
     The Experiences division, which includes six global theme parks, its cruise line, merchandise and videogame licensing, reported operating income rose 9 per cent to USD 2.5 billion. Operating income climbed 13 per cent at domestic parks. Operating income dropped 23 per cent for international parks and Experiences.
     Disney is projecting full-year adjusted earnings of USD 5.75 per share. The company's previous guidance was for high-single digit adjusted earnings per share growth for fiscal 2025. (AP)
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(This story has not been edited by THE WEEK and is auto-generated from PTI)