2023-05-10 23:06:19
Disney revealed Wednesday, May 10, that streaming losses have shrunk, as price increases helped offset the loss of 4 million Disney+ subscribers.
While the company recorded revenues and profits in line with Wall Street expectations during the first quarter of 2023, this is CEO Bob Iger’s second earnings report since his return to the company’s presidency late last year.
Iger is overseeing a broad restructuring of Disney, including layoffs of 7,000 employees, and the company plans to announce the third wave of layoffs before the summer.
Here are the results compared to the Refinitiv and StreetAccount estimates:
Earnings per share: 93 cents per share, in line with expectations
Revenue: $21.81 billion, compared to expectations of $21.79 billion
Total Disney + subscriptions: 157.8 million, compared to expectations of 163.17 million subscriptions
Iger’s second term at Disney also comes as legacy media companies grapple with a rapidly changing landscape, as ad revenue plummets and consumers increasingly abandon cable subscriptions in favor of streaming.
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