Disney warned during its fiscal fourth-quarter report in November that it expected a “modest decline” in subscriptions during the December period.

Walt Disney surprised analysts with a strong first-quarter performance, driven by an uptick in its direct-to-consumer segment and content sales.

Moana 2 helped float a solid fiscal first quarter for Disney with studio profit riding the strong box office of the animated sequel that's topped $1 billion worldwide. The quarter, which ended in December,