LOS ANGELES – Smaller subscriber losses and a beat on the top and bottom lines were the highlights of Disney‘s fiscal first-quarter earnings report.
While the company’s linear TV and direct-to-consumer units struggled during the period, its theme parks saw significant growth year-over-year.
Shares of the company were up 5% after the bell.
Here are the results, compared with estimates from Refinitiv and StreetAccount:
- Earnings per share: 99 cents per share, adj. vs 78 cents per share expected, according to a Refinitiv survey of analysts
- Revenue: $23.51 billion vs $23.37 billion expected, according to Refinitiv
- Disney+ total subscriptions: 161.8 million vs 161.1 million expected, according to StreetAccount
With CEO Bob Iger back at the helm, Disney is seeking to make a “significant transformation” of its business by reducing expenses and putting the creative power back in the hands of its content creators.
“We believe the work we are doing to reshape our company around creativity, while reducing expenses, will lead to sustained growth and profitability for our streaming business, better position us to weather future disruption and global economic challenges, and deliver value for our shareholders,” Iger said in a statement ahead of the company’s earnings call.
During the call Iger announced that the media and entertainment giant would reorganize, cut thousands of jobs and slash $5.5 billion in costs. The company will now be made up of three divisions:
- Disney Entertainment, which includes most of its streaming and media operations
- An ESPN division that includes the TV network and ESPN+
- A Parks, Experiences and Products unit
Iger’s return comes as legacy media companies contend with a rapidly shifting landscape, as ad dollars dry up and consumers increasingly cut off their cable subscriptions in favor of streaming. Even the streaming space has been difficult to navigate in recent quarters, as expenses have swelled and consumers become more cost conscious about their media…
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