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Disney Posts Better-Than-Expected Quarterly Results, Nears Streaming Profitability Goal
Disney topped Wall Street forecasts for its fiscal second quarter and inched closer to the long-awaited milestone of streaming profitability.
A deal with Charter Communications to integrate Disney streaming platforms with Spectrum pay-TV and broadband plans, took effect during the quarter and paced the subscriber gains. Disney’s shift to today’s morning, pre-market period for quarterly results and its conference call with analysts marks a change from the company’s longtime pattern of releasing in the afternoon, after the close of the trading day. The quarterly report also follows a bruising proxy battle, which was settled at last month’s annual shareholder meeting, where activist investor Nelson Peltz and his backers failed to secure the two seats they had sought on the company’s board.
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