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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.

Shares of the company were up nearly 2% in extended trading.

The pandemic’s vice-like grip on the world has forced Disney to shut its theme parks in California and Hong Kong, while limiting the number of visitors at its other properties to enforce social distancing.

Disney’s movie studio has also delayed major releases as many theatres remain shut.

However, investors have welcomed the early success of the company’s video streaming business, which competes fiercely with Netflix Inc. The Disney+ streaming service had reached 94.9 million subscribers as of Jan. 2, the company said.

Operating loss from the parks and consumer products business was $119 million, compared with a profit of $2.52 billion a year earlier.

The direct-to-consumer and international segment, which houses Disney+, reported an operating loss of $466 million, compared with an operating loss of $1.11 billion in the year-earlier quarter.

Overall revenue fell to $16.25 billion from $20.88 billion, but was still above analysts’ average estimate of about $15.93 billion, according to IBES data from Refinitiv.

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