Disney posts smaller-than-expected drop in quarterly revenue

Walt Disney Co reported a smaller-than-expected drop in first-quarter revenue on Thursday, as its fast-growing streaming business helped offset some impact from the COVID-19 pandemic on its theme park and movie studio businesses.

Overall revenue fell to $16.25 billion from $20.86 billion, above analysts' average estimate of about $15.93 billion, according to IBES data from Refinitiv.