Disney reported its first-quarter earnings after the bell on Wednesday, narrowly missing consensus estimates on its earnings per share. The company realized adjusted earnings per share of $0.93; just short of an expected $0.94.
Revenue for the three months ending March 31 was $21.82 billion; on par with Wall Street’s estimates. The company’s Disney Parks, Experiences, and Products unit soared, while the Disney+ streaming platform was able to reduce its losses from the previous quarter.
157.8 million new Disney+ subscribers were added in the first quarter, falling short of an estimated 163.1 million subscribers. While the company’s streaming losses were $1.1 billion in Q1, this is a significant decline from the $1.4 billion losses incurred in Q4 of 2022.
Disney Parks, Experiences, and Products was the strongest performer for the quarter, generating a revenue of $7.78 billion compared to an estimated $7.67 billion.
“We’re pleased with our accomplishments this quarter, including the improved financial performance of our streaming business, which reflect the strategic changes we’ve been making throughout the company to realign Disney for sustained growth and success,” CEO Bob Iger stated in the earnings release. “From movies to television, to sports, news, and our theme parks, we continue to deliver for consumers, while establishing a more efficient, coordinated, and streamlined approach to our operations.”
Shares in the company dipped by 2% following the earnings release.