Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Business

Disney posts mixed results for quarter plagued by streaming woes, restructuring costs

by August 10, 2023
August 10, 2023
Disney posts mixed results for quarter plagued by streaming woes, restructuring costs

Disney posted mixed results for the fiscal third-quarter despite ongoing streaming woes and massive restructuring costs from pulling content from its platforms.

Subscriber losses continued over the last three months, with the company reporting 146.1 million Disney+ subscribers during the most recent quarter, a 7.4% decrease from the previous quarter. Wall Street had expected Disney would report a smaller loss of 151.1 million subscribers, according to estimates from StreetAccount.

The majority of subscriber losses came from Disney+ Hotstar, where the company saw a 24% drop in users after it lost out on the rights to Indian Premier League matches.

The company recorded $2.65 billion in one-time charges and impairments, dragging the company to a rare quarterly loss. The majority of those charges were related to what Disney called “content impairments” related to pulling content of its streaming platforms and ending third-party licensing agreements.

Here are the results:

EPS: $1.03 per share adjusted, versus 95 cents per share expected, according to a Refinitiv consensus survey

Revenue: $22.33 billion, versus $22.5 billion expected, according to Refinitiv

Disney+ total subscriptions: 146.1 million, versus 151.1 million expected, according to StreetAccount

Disney posted a net loss of $460 million, or a loss of 25 cents per share, during the quarter, down from a net income of $1.41 billion, or 77 cents per share, during the year ago period. On an adjusted basis, the company earned $1.03 per share.

Revenue increased 4% to $22.33 billion, just short of Wall Street estimates of $22.5 billion.

One bright spot for the company was its parks, experiences and products division, which saw a 13% increase in revenue to $8.3 billion during the quarter. Disney saw strength at its international parks during the quarter, while domestic parks, particularly Walt Disney World in Florida, saw a slowdown in attendance and hotel room purchases.

Similar slowdowns were seen by Comcast’s Universal theme parks in Florida.

Ahead of Disney’s earnings call, investors are looking for more clarity on how Iger plans to fix Disney’s TV business and juggle the decline of subscribers at Disney+.

More from CNBC:

Harvard psychologist: If you use any of these 9 phrases every day, ‘you’re more emotionally resilient than most’This is going to get worse before it gets better’: Panama Canal pileup due to drought reaches 154 vessels Here’s a first look at GM’s new all-electric Cadillac Escalade IQ, starting at $130,000

Disclosure: Comcast is the parent company of NBCUniversal and CNBC.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Disney to raise monthly price on ad-free Disney+ to $13.99
next post
Credit card balances jump and are above $1 trillion for the first time

Related Posts

What’s next for Sam Bankman-Fried and FTX executives...

November 6, 2023

The Fed’s preferred inflation measure rose 0.2% in...

June 1, 2024

How Fanatics is teaching business acumen to pro...

June 25, 2025

UAW autoworkers officially ratified new contract, union says

November 22, 2023

Biden administration bans noncompete agreements, setting up legal...

April 24, 2024

Summer Fridays are on the decline — companies...

June 17, 2024

Jury returns verdict in Sam Bankman-Fried fraud trial

November 3, 2023

Target lowering prices on 5,000 frequently bought items

May 21, 2024

U.S. foreign tax bill sends jitters across Wall...

May 31, 2025

Disney drops all but free speech claim in...

September 12, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

    • Angkor Resources: Unlocking Cambodia’s Resource Potential through Energy and Minerals Assets

    • Alice Queen raises $1M via issue of Convertible Notes

    • Sranan Gold Intersects 11.5 Metres Grading 3.64 Grams per Tonne Gold in Saprolite from Initial Drill Hole at Randy’s Pit at the Tapanahony Project in Suriname

    • Homerun Resources Inc. Announces Updated Offtake Agreement with Brasil Fotovoltaico for the Supply of High-Quality Solar Glass

    • Heritage Mining Confirms New Gold Mineralization at the Scattergood Project

    Categories

    • Business (1,373)
    • Investing (2,905)
    • Politics (3,699)
    • Stocks (1,791)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved