The Walt Disney CompanyDIS reported decent second-quarter fiscal 2021 results on May 13. Earnings beat the Zacks Consensus Estimate and rose year over year. However, hurt by the coronavirus crisis, revenues missed the consensus estimate and declined year over year. Shares of Disney declined 2.6% (as of May 14), largely due to weak top-line results.
The companys adjusted earnings of 79 cents per share in the fiscal second quarter surpassed the Zacks Consensus Estimate by 172.4%. Moreover, the metric rose 31.7% year over year. Revenues of $15.61 billion also declined 13.4% from the year-ago quarter and missed the consensus mark by 2.6%.
Accounting for about 79.7% of revenues, Media and Entertainment Distribution revenues increased 0.6% year over year to $12.44 billion. Revenues from Linear Networks fell 4% to $6.75 billion. Furthermore, Direct-to-Consumer revenues climbed 59% year over year to $4 billion. Content Sales/Licensing and Other revenues contracted 36.4% year over year to $1.92 billion.
Also, Parks, Experiences and Products revenues that make up for around 20.3% of revenues declined 43.9% year over year to $3.17 billion. Notably, Disneyland Resort, Disneyland Paris and the companys cruise business were temporarily shut in the second quarter. Hong Kong Disneyland Resort was opened for about 30 days during the period. Meanwhile, both Walt Disney World Resort and Shanghai Disney Resort were open throughout the reported quarter.
Disneys segmental operating income rose 2.4% year over year to $2.47 billion. As of Apr 3, 2021, cash and cash equivalents were $15.89 billion compared with $17.07 billion as of Jan 2, 2021.