The Burbank, California company reported fourth quarter earnings of 37 cents per share on revenue of $18.53 billion. Analysts polled by FactSet were expecting earnings of 52 cents per share on revenue of $18.8 billion.
Disney also said it ended the quarter with 179 million subscribers for its suite of direct to consumer options. Analysts were expecting Disney to have 187.98 million subscribers in the quarter.
"We continue to manage our DTC 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," CEO Bob Chapek said.
Disney shares were down 5.2% to $165 per share at last check Wednesday after hours.
Disney's media and entertainment division saw a 9% year over year increase while the company's theme parks division saw revenue nearly double as the company was able to reopen its parks following Covid-19 restrictions.
Last month Barclays cut Disney's rating to equal weight while lowering his price target to $175 from $210 per share.
“Disney+ growth has slowed significantly," Venkateshwar said. "In order to get to its long term streaming sub guide, Disney needs to more than double its current pace of growth to at least the same level as Netflix ... long term streaming guidance could be at risk.”