Walt Disney Co (NYSE:DIS) shares are trading higher in Tuesday’s after-hours session in sympathy with peer company Netflix Inc (NASDAQ: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.
