CNN
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The Walt Disney Company reported slightly lower than expected revenue for its fiscal third quarter on Wednesday.
The company reported revenue of $22.3 billion compared to expectations of $22.5 billion, according to estimates from Refinitiv. Linear television was a drag on Disney’s overall top line, with revenue in that area declining 7% compared to the same quarter last year.
“While there is still more to do, I’m incredibly confident in Disney’s long-term trajectory because of the work we’ve done, the team we now have in place, and because of Disney’s core foundation of creative excellence and popular brands and franchises,” Disney CEO Bob Iger said in a statement.
Disney
(DIS) shares were down almost 2% in after-hours trading.
Disney’s parks were a bright spot, even as the company struggles with declining attendance at its flagship Disney World Resort in central Florida.
Disney parks, experiences and products revenues for the quarter increased 13% to $8.3 billion, which the company said reflected growth in its international parks, like Shanghai Disney Resort and Hong Kong Disneyland Resort.
“The increase at Shanghai Disney Resort was due to the park being open for all of the current quarter compared to 3 days in the prior-year quarter as a result of Covid-19 related closures,” the company said in a statement.
However, the company acknowledged that the division’s growth was partially offset by lower revenue at its US-based domestic parks.
The company’s streaming bet, Disney+, remains unprofitable for the company, though it has narrowed its revenue loss in the third quarter.
While Disney+ added international subscribers in the quarter, it lost subscribers in the US and Canada.
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