Disney Shares Decline on Outlook Despite Path to Profit
- Park visits expected to moderate from post-Covid pace
- Disney+ not expected to see subscriber growth in third quarter
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Walt Disney Co. shares tumbled the most in a year and a half after the company reported a tepid outlook for growth in streaming subscribers in the current quarter and said that visits to parks are expected to moderate from peak post-Covid levels.
The media giant added more than 6 million subscribers in the second quarter to its core Disney+ streaming offering, which includes popular movies and the cartoon phenomenon Bluey. And losses in the direct-to-consumer streaming business, which includes ESPN+, narrowed to $18 million in the period from a loss of $659 million in the year earlier quarter.