Walt Disney Co. missed Wall Street expectations on earnings but beat on revenue for the fiscal fourth quarter.

The Burbank entertainment and media giant on Wednesday reported adjusted net income of $987 million (37 cents a share) for the quarter ending Oct. 2, compared to a net loss of $103 million (-20 cents) for the same period a year earlier. Revenue increased 26 percent to $18.5 billion.


Analysts on average expected earnings of 44 cents on revenue of $16.3 billion, according to Thomson Financial Network.


The company missed the mark on new subscribers to its Disney+ streaming service. According to Yahoo! Finance News, Bloomberg reported a consensus estimate of 119.6 million subscribers to the service versus the 118.1 million that Disney reported for the quarter.


Still, Chief Executive Bob Chapek said the year was very productive for Disney as it made strides in reopening its businesses while taking innovative steps in the direct-to-consumer and parks divisions.


As the company marks the second anniversary of Disney+, it is pleased with the streaming business, as it experienced a 60 percent subscriber growth since the fourth quarter of the last fiscal year, Chapek said.


“We continue to manage our (direct-to-consumer) business for the long-term and are confident that our high-quality entertainment and expansion into additional markets worldwide will enable us to further grow our streaming platforms globally,” Chapek added in a statement.


The Disney+ streaming service has become a big profit generator for the company, especially in light of the coronavirus pandemic and how it has kept people at home and in need of something to fill their time.


The entire fiscal 2021 year was impacted by COVID-19, with the most significant impact to operating income coming from Disney Parks, Experiences and Products due to revenue lost because of closures or reduced operating capacities, Disney said in a release.


“Although results improved in the second half of fiscal 2021 compared to the second half of fiscal 2020 from reopening our parks and resorts, we continue to be impacted by reduced operating capacities,” the company added.


Revenue at the parks business segment increased by more than 90 percent to $5.5 billion in the fourth quarter. In the media and entertainment distribution segment, revenue increased by 9 percent during the fourth quarter to $13.1 billion.


The financial results were released after the market closed. Shares of Disney (DIS) closed down 66 cents, or a fraction of a percent, to $174.45 on the New York Stock Exchange, on a day when the Dow Jones closed down a fraction of a percent.