Disney+ is up to nearly 74 million subscribers

The streaming service netted nearly 74 million subscribers by the end of the quarter, surpassing estimates and giving Wall Street a rare reason to cheer the struggling media company.

Disney's stock was up as much as 5% in after-hours trading.

The streaming platform was one of the only bright signs for Disney. For its fiscal year, which ended in October, Disney was hammered by the coronavirus pandemic.

Disney's revenue came in at $65.3 billion, which was down 6% from last year. Yearly profits were were hit hard as the company lost $2.8 billion.