Will streaming subscribers, revival in parks help Disney post earnings beat in Q3?
RinoCdZ

Disney (NYSE:DIS) is scheduled to announce Q3 earnings on Wednesday, Aug. 10, after market close.
Consensus EPS estimate is $0.99 (+23.7% Y/Y) and consensus revenue estimate is $21.01B (+23.4% Y/Y).
Over the last 2 years, DIS has beaten EPS estimates 75% of the time and revenue estimates 50% of the time.
Over the last 3 months, EPS estimates have seen 22 downward revisions. Revenue estimates have seen 5 upward revisions and 14 downward. 
Q2 recap:

DIS shares initially rose on better-than-expected growth in Disney+ subscribers, but later reversed course. Overall DIS streaming services now have 205M DTC subscribers.
CFO Christine McCarthy's commentary in an earnings call indicated that content and subscriber boost in H2 may not be as big of a change from a stronger-than-expected H1.
Several analysts maintained positive stance on DIS, noting its diverse earnings power. Citi said segment operating income was strong as were Disney+ subscriber adds.

Analyst views:

Morgan Stanley said the recent drop in DIS stock presents an attractive risk/reward tradeoff. It said the parks & experience segment will account for a majority of DIS' earnings going forward, while content is "under-earning".
Goldman Sachs cut its 2024 Disney+ subscriber estimate to 223M from 242M to reflect DIS' loss of IPL streaming rights. Wells Fargo lowered its estimate for 2024 Disney+ subscribers to 213M from 240M.
Bank of America raised DIS' Q3 earnings estimates as theme park attendance has been resilient. Also, Disney+ streaming service was launched in over 40 countries in Q3.

Recent news:

ESPN reportedly ended a 40-year partnership with the Big Ten college sports conference.
ESPN will likely remain a mainstay in cable bundles even if DIS makes it available via streaming, Variety reported.
DIS shares rose on a report that the firm would raise the cost of ESPN+ by nearly 43%.
DIS agreed to a deal with Trade Desk (TTD) for targeted automated ads across Disney properties, Axios reported.
DIS' board unanimously voted to extend CEO Bob Chapek's contract by 3 years.
DIS scrapped an exclusive streaming deal with Israeli firm YES. Also, Shanghai Disneyland reopened late in Jun. after remaining closed under threat of COVID-19 lockdowns.

SA contributor Daniel Jones in a recent bullish analysis said DIS remains a stellar prospect for long-term investors.
Shares of DIS, which fell 31.4% YTD, underperformed the S&P 500 and S&P 500 consumer discretionary indexes by a wide margin in the last 1 year.