Disney reported fiscal second-quarter earnings today that "beat analyst estimates" after "narrowing streaming losses." Disney’s total segment operating income jumped 17% as Disney’s entertainment streaming applications -- Disney+ and Hulu -- "turned a profit" in the quarter for the first time. When combined with ESPN+, the streaming businesses lost $18M in the quarter, "much narrower" than the $659M loss the division reported a year earlier. Entertainment streaming revenue (excluding ESPN+) rose 13% in the quarter to $5.64B, and operating income was $47M after a loss of $587M a year prior. Disney+ Core subscribers increased by more than six million in the second quarter to 117.6 million global customers. ESPN+ subscribers fell 2% to 24.8 million. While ESPN’s revenue rose 3% to $4.21B, operating income dropped 9% to $799M. The decline was led by a "drop in cable subscribers, and higher programming costs attributable to the College Football Playoff." ESPN advertising "rose to offset the cable subscriber decline" (CNBC.com, 5/7).
