Disney reported better-than-expected subscription numbers for Disney+ in the most recent quarter, adding 7.9 million new subscribers
reported better-than-expected subscription numbers for its Disney+ streaming service in the most recent quarter, avoiding a slowdown that dogged streaming rival Netflix Inc.
Shares of Disney fell 3% in extended-hours trading after initially rising on the earnings news. Before the results, the stock closed at $105.21, down 2.3% during the regular session. Despite the better-than-anticipated subscriber growth, Disney saw losses widen dramatically at its direct-to-consumer segments, which also include the general entertainment streaming platform Hulu and streaming sports network ESPN+. Operating losses grew to $887 million in the quarter, compared with $290 million in the same period one year ago.
, with bids expected to come in above $5 billion for the five-year rights, according to people familiar with the matter. The auction is expected to conclude at the end of June. Disney, which launched its flagship streaming platform Disney+ just months before the pandemic hit, has reaped theto the sofa-bound as well. The shift helped make up for Covid-19-related closures at its theme parks, which had been the best performing division of the company. The parks business has since rebounded.
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