HomeIndustriesDisney Quarterly Earnings Miss Estimates

Disney Quarterly Earnings Miss Estimates

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.

Chemical Giant DuPont Will Split in 3 Companies, Replace CEO Ed Breen

Chemical giant DuPont is heading towards some major changes. The company announced on Wednesday that it will be splitting into three separate companies while...

Zoom Tops Estimates, Raises Full-Year Forecast

Zoom Video Communications reported its earnings for the first quarter of 2024 on Monday and topped the estimates of Wall Street analysts. The communications...

Reddit Stock Jumps on the Back of Open AI Partnership

Social media platform Reddit announced earlier this week that it is partnering up with artificial intelligence start-up Open AI to improve the experience of...