Disney posts higher second-quarter earnings and revenue thanks to strong theme parks business
Ongoing strength at its theme parks and an improving streaming business propelled The Walt Disney Co. to higher profits and revenue in its fiscal second quarter Ongoing strength at its theme parks and an improving streaming business propelled The Walt Disney Co. to higher profits and revenue in its fiscal second quarter. But the company lost 4 million streaming subscribers to its Disney+ service and its shares fell 4.5% in after-hours trading. The entertainment giant, which is in the midst of a “ strategic reorganization,” has been working on trimming about 7,000 jobs as part of a targeted $5.5 billion cost savings across the company. Bob Iger, who returned in November to take over the CEO post from Bob Chapek, has been working over the past six months to turn around Disney's streaming business while simultaneously making sure that the financial might coming from its theme parks doesn't waver. He's also had to contend with trying to protect Disney World’s theme park distr...