Despite a quarter full of excitement, Disney's revenue for the three months ending in June was lower than Wall Street expected
New York Disney's crucial direct-to-consumer business posted major growth in the three months ending in June, a sign that its acquisition of a majority stake in Hulu is paying off.
Growth in that sector helped lift Disney 's overall revenue 33% from the prior year, up to $20.2 billion, it announced Tuesday evening. That number was, however, lower than the $21.4 billion Wall Street had expected after the company's busy quarter. Net income was also down 51% in the quarter, a result of ongoing investments in streaming. Shares fell around 3% in after hours trading.
The company is counting on several more big films —"Frozen 2,""Star Wars: The Rise of Skywalker" and"Maleficent: Mistress of Evil" — to drive additional revenue gains later in the year. On a call with shareholders Tuesday evening, Iger called Disney's studios the"envy of the industry." The opening of Galaxy's Edge, the Star Wars land at Disneyland in California, at the end of May was another big moment in the quarter.
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