DIS Walt Disney Co

By Allison Prang 

Disney+ added more than 21 million new subscribers in the first quarter as Walt Disney Co. as a whole reported a quarterly profit, though the pandemic continued to weigh on the company, particularly the segment that includes its theme-parks business.

Disney on Thursday said it had 94.9 million Disney+ subscribers as of Jan. 2, the end of its first quarter, compared with 73.7 million subscribers at the end of the fourth quarter. The entertainment giant started its global rollout of Disney+ in November 2019.

In recent months, a new Pixar Animation movie, "Soul," and a new Marvel Studios series, "WandaVision," have premiered on the service -- both providing new-programming options that can boost sign-ups.

Disney logged a profit of $17 million, or 1 cent a share. In the comparable period a year ago, before the Covid-19 pandemic started to effect the U.S., its profit was $2.11 billion, or $1.16 a share.

Disney's first-quarter profit comes after the company reported two quarterly losses in a row. The pandemic, which has kept people away from mass gatherings and forced many to spend more time at home, has zapped results in the company's movie distribution and theme parks segments. Walt Disney World in Orlando is open at reduced capacity, and Disneyland in southern California remains closed. Only about a third of theaters in North America are currently open.

Disney said its adjusted earnings were 32 cents a share. According to FactSet, Wall Street expected an adjusted loss of 34 cents a share.

Total revenue at Disney fell 22% to $16.25 billion, with revenue dropping in both the company's media and entertainment distribution and its parks, experiences and products segments. In the latter, revenue plummeted by more than half. According to FactSet, analysts were expecting total revenue of $15.9 billion.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

February 11, 2021 16:54 ET (21:54 GMT)

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