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

There were some oversized expectations for the animated film but “Moana 2", originally intended as a series for the company’s streaming service before it was produced for the big screen — blew predictions out of the water. Its five-day opening set a new record for Thanksgiving moviegoing.

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