In Disney’s earnings report released on Tuesday, the company revealed that both streaming services made $47 million combined this past quarter — a huge turnaround from the $587 million loss reported at the same time last year.

Disney (DIS) said Tuesday that an important part of its streaming business turned a profit for the first time as the media giant reported fiscal second quarter earnings per share that beat analyst estimates.

The Walt Disney Co. moved to a loss in its second quarter, hampered by restructuring and impairment charges, but its adjusted profit topped expectations and its streaming business turned a profit. Theme parks also continued to do well.

Walt Disney's surprise profit in its streaming entertainment division was eclipsed by a drop in its traditional TV business and weaker box office, sending its shares down 8.5% in morning trading. Like other media companies,

Disney beat Wall Street's earnings forecasts, but shares fell ahead of the bell on a slowdown in streaming subscribers and a narrow revenue miss.

Walt Disney Co. shares tumbled after the world’s biggest entertainment company reported subscribers for its Disney+ streaming service were lower than analysts expected and a profit outlook for the year also came up short.

Walt Disney's streaming entertainment unit posted its first profit on Tuesday, two quarters ahead of schedule, and the media company raised its annual earnings per share outlook as it said turnaround efforts were yielding results.