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8/10, 10:06 PM (Source: TeleTrader)
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Disney raises prices as Q3 subscriber count tops estimates

The Walt Disney Company posted its earnings results for its third fiscal quarter of the year, reporting better than expected revenue of $21.5 billion (+26% rise). In the same trimester, the Disney+ subscriber count surpassed expectations at 152.1 million amid broad expansion in the streaming space, while also beating its rival Netflix. Net income soared 53% to $1.41 billion, with diluted earnings per share at $0.77.

However, Disney decided to raise the price of ad-free Disney+ by 38% to $10.99 in the United States from December 8 as part of the company's new pricing structure for streaming services, with Disney+ with ads costing $7.00 per month and the Hulu-Disney+ bundle with ads priced at $9.99 per month.

Disney's stock soared nearly 6% in the after-hours trading following the overperforming earnings announcement.

Baha Breaking News (BBN) / ND