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Disney Tops Streaming Subscriber Estimates, Tempers Outlook

  • Gains for Disney+ follow the surprise decline for Netflix
  • Resorts prosper as travel, tourism continue to recover
Guests in front of Sleeping Beauty Castle during the reopening of the Disneyland theme park in Anaheim, California.

Guests in front of Sleeping Beauty Castle during the reopening of the Disneyland theme park in Anaheim, California.

Photographer: Bing Guan/Bloomberg
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Walt Disney Co. reported subscriber gains for its flagship streaming service that exceeded analysts’ estimates, but tempered its outlook for the balance of the fiscal year and said it will trim spending on movies and TV shows.

“We’re very carefully watching” content spending, Chief Executive Officer Bob Chapek said Wednesday on a call with investors after the entertainment giant reported fiscal second-quarter results. The company lowered its projection for overall film and TV spending by $1 billion to $32 billion this year.