{"id":46479,"date":"2023-08-09T17:57:24","date_gmt":"2023-08-09T21:57:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/disney-subscribers-dwindle-but-streaming-unit-beats-estimates\/"},"modified":"2023-08-09T17:57:26","modified_gmt":"2023-08-09T21:57:26","slug":"disney-subscribers-dwindle-but-streaming-unit-beats-estimates","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=46479","title":{"rendered":"Disney+ Subscribers Dwindle \u2014 But Streaming Unit Beats Estimates"},"content":{"rendered":"
\n

Topline<\/h2>\n

Disney\u2019s streaming unit beat expectations even as it shed 12 million Disney+ subscribers, according its latest quarterly earnings report released Wednesday afternoon, as the entertainment giant contends with turbulence while struggling to return profits to prior glory.<\/p>\n

Key Facts<\/h2>\n
\n
\n

Disney\u2019s $22.33 billion of revenue and $1.03 earnings per share largely tracked consensus analyst estimates of $22.5 billion and $0.96, respectively, as tracked by FactSet.<\/p>\n<\/p><\/div>\n

\n

The conglomerate\u2019s park and linear television units continued to beef up the bottom line, as the units\u2019 $1.1 billion and $1.9 billion in quarterly operating profit were in line with expectations, respectively, while Disney bled $512 million in its flashier direct-to-consumer media business including Disney+, ESPN+ and Hulu, far below projections of a $758 million loss.<\/p>\n<\/p><\/div>\n

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The company reported a staggering 12 million decrease in Disney+ subscribers, though its subscriber loss in the U.S. and Canada was a milder 1%.<\/p>\n<\/p><\/div>\n

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Disney incurred $2.7 billion in restructuring costs during the quarter in which the company concluded its round of roughly 7,000 layoffs globally.<\/p>\n

<\/fbs-ad>\n <\/div>\n

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Shares of Disney registered a roughly 1% in after hours trading as investors digested the mixed-bag report.<\/p>\n<\/p><\/div>\n<\/div>\n

Key Background<\/h2>\n

Disney\u2019s earnings release comes amid a turbulent stretch for the company\u2019s stock, which is down 20% over the last five years, far underperforming the S&P 500\u2019s roughly 60% return over the timeframe. The slump comes after a brief surge in Disney\u2019s share price as investors heralded the November return of the company\u2019s long-time CEO Bob Iger. But Disney\u2019s stock is down 4% since Iger\u2019s reclamation of the throne, well below the S&P\u2019s 13% gain during the period, as investors grew impatient with a lack of results in Iger\u2019s cost-cutting vision to grow profits as streaming losses mounted.<\/p>\n

Tangent<\/h2>\n

Much of Disney\u2019s bottom-line issues come as the legacy media sector grapples with a decline in the popularity of linear television: Its $1.1 billion in operating profit for its media and entertainment unit during the first three months of 2023 was down from $1.9 billion the year prior and nearly $3 billion five years ago. Overall, Disney\u2019s operating profit during the most recent quarter was roughly a fifth less robust than it was during the same period five years ago ($4.2 billion).<\/p>\n

What To Watch For<\/h2>\n

How Disney\u2019s $1.5 billion agreement with sports gambling operator PENN Entertainment announced Tuesday \u2013 and subsequent launch of an ESPN-branded sportsbook \u2013 will drive sales at Disney\u2019s sports segment. Iger said last month the company is open to offloading an equity stake in ESPN.<\/p>\n

Crucial Quote<\/h2>\n

Even amid entertainment companies\u2019 challenges as consumer preferences shift, Disney \u201cshould survive and thrive in this environment due to its diversification, multiplatform media offerings, large vault of content, and pricing premium,\u201d Daiwa analyst Jonathan Kees proclaimed in a Tuesday note previewing earnings.<\/p>\n

<\/h2>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Topline Disney\u2019s streaming unit beat expectations even as it shed 12 million Disney+ subscribers, according its latest quarterly earnings report released Wednesday afternoon, as the entertainment giant contends with turbulence while struggling to return profits to prior glory. Key Facts Disney\u2019s $22.33 billion of revenue and $1.03 earnings per share largely tracked consensus analyst estimates […]<\/p>\n","protected":false},"author":1,"featured_media":46480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-46479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nDisney+ Subscribers Dwindle \u2014 But Streaming Unit Beats Estimates | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Disney\u2019s streaming unit beat expectations even as it shed 12 million Disney+ subscribers, according its latest quarterly earnings report released\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=46479\" \/>\n<meta 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