Walt Disney (DIS) Q2 revenue down 13%; earnings beat estimates

Media behemoth The Walt Disney Company (NYSE: DIS) reported second-quarter revenues that declined from last year as customers stayed away from theatres and parks due to pandemic-related safety issues and restrictions. Meanwhile, earnings increased, reversing the recent trend, and exceeded expectations.

Revenues of the Burbank, California-based company dropped to $15.6 billion in the second quarter from $18.02 billion in the prior-year period and missed the Street view.

Second-quarter profit, excluding one-off items, rose to $0.79 per share from $0.60 per share last year. Analysts had forecast a decline. Unadjusted net income from continuing operations was $912 million or $0.50 per share, compared to $468 million or $0.26 per share in the second quarter of 2020.

Read management/analysts’ comments on Walt Disney’s Q2 report

DIS shares have increased about 64% in the past twelve months, mostly outperforming the market. They declined on Thursday evening soon after the company published the quarterly report.