Disney (NYSE:DIS) stock is falling on Thursday after the entertainment company released results for its fiscal second quarter of 2022.
The bad news for Disney stock starts with the company’s adjusted earnings per share of $1.08. That’s below the $1.21 per share that Wall Street was expecting. That’s despite it increasing from 79 cents per share in the fiscal second quarter of 2021.
Adding to that trouble is the company’s revenue of $19.25 billion. While that’s a 23% increase from the $15.61 billion reported in the same period of the year prior, it misses analysts’ estimate of $20.17 billion.
Disney notes that its Direct-to-Consumer segment saw operating loss increase by $600 million to $900 million. The company cited higher losses at Disney+ and ESPN+, as well as lower operating income at Hulu.
Bob Chapek, CEO of Disney, said the following in the company’s earnings report hitting its stock today.
“Our strong results in the second quarter, including fantastic performance at our domestic parks and continued growth of our streaming services—with 7.9 million Disney+ subscribers added in the quarter and total subscriptions across all our DTC offerings exceeding 205 million—once again proved that we are in a league of our own.”
Disney is starting off the morning with decent trading of its stock. Nearly 9 million shares have traded hands as of this writing. That’s quickly approaching its daily average trading volume of 12 million shares.
DIS stock is down 3.7% as of Thursday morning. The stock is also down 35.4% since the start of the year.
Investors searching for more stock market news are in luck!
We’ve got all the latest stock coverage that traders need to know about for Thursday! That includes what’s happening with shares of Fisker (NYSE:FSR) and Beyond Meat (NASDAQ:BYND) stock, as well as this morning’s biggest pre-market stock movers. You can read up on all of these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.