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On Thursday afternoon, Disney reported second-quarter EPS of 79 cents on revenue of $15.61 billion. Both numbers exceeded consensus analyst estimates of 27 cents and $15.87 billion, respectively. Revenue was down 13% from a year ago.
Disney reported 103.6 million paid Disney+ streaming subscribers, well short of analyst expectations of 109 million. However, management reiterated its previous guidance of between 230 million and 260 million Disney+ subscribers by 2024.
Average monthly revenue per user dropped 29% to $3.99 in the quarter, which Disney attributed to the launch of Disney+ Hotstar.
Disney said it now had 159 million total direct-to-consumer subscribers, which includes ESPN+ and Hulu.
Long-Term Subscriber Growth: CFRA analyst Tuna Amobi said the subscriber miss was likely driven by pull-forward effects of the pandemic in 2020, and Disney still appears on track to hit its longer-term subscriber goals.