Disney+ subscribers surge as Netflix stumbles

The Disney+ streaming service saw its number of paying subscribers leap beyond expectations in the last quarter, as rival Netflix's client count ebbed, results showed on Aug. 10.

The number of people subscribing to Disney+ topped 152 million, up some 31 percent from the same period a year earlier, the entertainment giant said in an earnings report.

Disney's bottom line was also boosted by rising revenue from its theme parks, which showed signs of recovering from stifled attendance during the pandemic.

Better-that-expected earnings reported by Disney came as many of the tech titans that flourished during the pandemic curb costs in the face of inflation and people get back to living life in the real world instead of online.

Disney shares were up more than 6 percent in after-market trades that followed release of the earnings figures.

"We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services," said Disney chief executive Bob Chapek.

The 14.4 million Disney+ subscribers added in the recently ended quarter raised the overall number of subscriptions to its streaming services, which include Hulu and ESPN+, to 221 million, Chapek added.

The overall number of subscribers to Disney streaming services topped those of Netflix for the first time.

"Investors will breathe a sigh of relief from Disney's robust fiscal [quarterly] earnings," said Insider Intelligence principal analyst Paul Verna.

"The streaming figures will be seen as an indicator of the health of the market, especially after lackluster subscriber figures from Netflix and...