Walt Disney Co DIS shares are trading higher in Tuesday's after-hours session in sympathy with peer company Netflix Inc NFLX, which announced better-than-expected earnings results and subscriber numbers.
Netflix said second-quarter revenue increased 9% year-over-year to $7.97 billion, which missed the estimate of $8.04 billion, according to data from Benzinga Pro. The streaming company reported quarterly earnings of $3.20 per share, which beat the estimate of $2.96 per share.
Netflix previously guided for a loss of 2 million subscribers in the second quarter, but the company reported a loss of just under 1 million. Global streaming paid memberships totaled 220.67 million in the quarter, up 5.5% year-over-year.
Netflix said it expects paid net adds to increase by about 1 million in the third quarter, which is down from 4.4 million year-over-year, but up from the subscriber decline recorded in the last two quarters. Third-quarter earnings are expected to come in at $2.14 per share versus the estimate of $2.77 per share.
NFLX, DIS Price Action: Netflix shares were up 7.36% in after hours at $215.35 at press time, while Disney was up 1.32% at $100.90.
Photo: Pexels from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
