Streaming continues to become a more potent force on The Walt Disney Co.’s balance sheet, as the company’s fiscal Q4 earnings report demonstrates.

Disney released its latest quarterly earnings early Thursday morning, reporting revenues of $22.5 billion, essentially flat from last year, and segment operating income of $3.5 billion, down 5 percent from a year ago.

While Disney is still feeling the pinch of linear TV’s troubles, its streaming business continues to grow. Most notable, the company beat Wall Street estimates with Disney+ subscribers rising by 3.8 million compared to Q3 to 132 million, and Disney+ and Hulu subscribers rising by 12.4 million to 196 million.

Streaming continues to become a more potent force on The Walt Disney Co.’s balance sheet, as the company’s fiscal Q4 e

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