The most recent earnings report is the second since Iger took over as CEO in November 2022.
the walt disney company (NYSE:DIS) Posted Revenue and profit in line with analyst expectations for the second quarter of fiscal 2023. The company, which released its second-quarter and six-month earnings for fiscal 2023, said its quarterly revenue rose 13% to $21.82 billion. Meanwhile, analysts expected $21.78 billion. Revenue also increased by 20% in six months. Walt Disney said continuing operations in the second quarter of fiscal 2022 expected earnings per share to increase from $0.26 in the second quarter of fiscal 2023 to $1.08. Additionally, earnings per share from continuing operations for the half year ended April 1, 2023 climbed to $1.39 from $0.89 in the prior-year period.
Despite posting gains, Walt Disney closed down 1.02% on the New York Stock Exchange, following a 4.88% drop in pre-market trading. The shares of the company have been oscillating between gains and losses for the last one year, having declined by 3.87% in the last twelve months. While it has gained over 16% since January, it has lost 9.52% in the last three months. Furthermore, DIS has added over 3% in the past month and about 0.28% in the past five days.
Disney CEO, Robert A. Commenting on the company’s second quarter and six-month earnings for fiscal 2023, Iger said:
“We are pleased with our achievements this quarter, including the improved financial performance of our streaming business, which reflects the strategic changes we have made across the company to reposition Disney for continued growth and success. From movies to television, sports, news and our theme parks, we continue to deliver for consumers while establishing a more efficient, coordinated and streamlined approach to our operations.
Walt Disney in the second quarter of fiscal year 2023
Furthermore, Walt Disney revealed that Disney+ subscriptions fell 2% to 157.8 million from the 161.8 million recorded as of December 31. Meanwhile, the company expected subscriptions to grow less than 1% during the quarter to 163.17 million users. An 8% decline in India’s Disney+ Hotstar subscriptions and a domestic loss of 600,000 subscribers contributed majorly to the loss. According to Disney, subscription revenue at Disney peaked in the second quarter of FY2023. The report said that average revenue per user for home customers increased by 20% to $7.14. Additionally, Disney said the loss of direct-to-customer operating income during the second quarter of fiscal year 2023 was $659 million. Despite the high figure, it was less than the estimated $841 million.
The most recent earnings report is the second since Iger took over as CEO in November 2022. The chief executive is managing a sweeping restructuring that includes lay off 7,000 employees, In late March, Iger announced the first of three rounds of layoffs to workers, and said those affected would be notified.
Ibukun is a crypto/finance writer interested in delivering relevant information using non-complicated words to reach all types of audiences. Apart from writing, she enjoys watching movies, cooking and exploring restaurants in the city of Lagos where she lives.
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