Disney posts smaller-than-expected drop in quarterly revenue

FILE PHOTO: A screen shows the trading info for The Walt Disney Company company on the floor of the NYSE in New York

(Reuters) – 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.

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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.

(Reporting by Lisa Richwine in Los Angeles and Munsif Vengattil in Bengaluru; Editing by Anil D’Silva)