NEW YORK (AP) – The Disney Plus streaming service reached nearly 29 million paid subscribers in less than three months.
That’s an impressive start for what Disney has positioned as its future as more people drop cable subscriptions.
But Disney says profit fell 23% in its latest quarter to $2.13 billion as it absorbed expenses from starting up the new service. Disney Plus launched in November to compete with online video services like Netflix. Earnings and revenue beat Wall Street forecasts. Disney shares rose more than 1% in after-hours trading.