Disney said Wednesday it added 14.4 million subscribers to its Disney+ streaming service in the April-June fiscal quarter, putting it just ahead of Netflix in the streaming wars with about 221 million total streaming subscriptions.
Netflix ended June with 220.7 million subscribers after losing nearly 1 million subscribers in the past quarter.
Disney’s growing streaming sales combined with a recovering theme park business after pandemic-era shutdowns led the Burbank, California-based entertainment giant to beat Wall Street expectations with quarterly earnings Wednesday.
Disney reported revenue of $21.5 billion in the three months through July 2, up 26% from the same time last year.
Earnings per share came to $1.09 when excluding certain items. Analysts polled by FactSet projected adjusted earnings of 97 cents per share on revenue of $20.99 billion for the quarter, according to FactSet Research.