Disney streaming subscriptions top Wall Street targets

Reuters Walt Disney Cos streaming video subscriptions topped Wall Street targets, sending its shares up 3 in extended trade.

Total subscriptions for Disney, launched in November 2019, touched 137.7 million in the quarter, compared with Factset estimates of 135.06 million.

Disney has been investing heavily in its Disney service as it tries to compete fiercely with Netflix inc to dominate the streaming market.

The companys theme park business continued to recover strongly from the pandemic lows, with its revenue more than doubling to 6.65 billion.

Net income from continuing operations was 470 million, or 26 cents per share, in the quarter, compared with 912 million, or 50 cents per share, from a year earlier.

The company‘s revenue rose 23 to 19.25 billion in the second quarter ended April 2, but came below analysts’ expectations of 20.03 billion, according to IBES data from Refinitiv.

Shares of the entertainment company were up 2.9 in extended trading.