2023-08-09 23:10:53
Walt Disney Co reported Wednesday quarterly revenue that fell short of Wall Street expectations, but said it was continuing to cut costs by more than the $5.5 billion it pledged to investors in February.
The entertainment group, which posted quarterly profit that beat expectations, said Disney+ subscribers in the United States were slightly lower than analysts’ expectations.
Disney reported revenue of $22.33 billion in the quarter ending July 1, up 4 percent from a year ago but below Wall Street’s median estimate of $22.5 billion in revenue, according to Refinitiv.
It posted earnings per share of $1.03, beating Wall Street’s forecast of 95 cents per share.
The company added 800,000 subscribers to Disney+, which is 100,000 less than analyst estimates.
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