Disney+ Reins In 7 Million Subscribers Amid Better Earnings
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Topline Disney beat expectations in its fiscal fourth quarter, according to a quarterly earnings report released Wednesday, as the entertainment conglomerate revealed an increase in streaming numbers and an even more aggressive cost-cutting goal. multi-billion dollar increase to its cost-cutting goal. Disney+ increase the price of its ad-free tier from $10.99 to $13.99 per month in October. (Photo … [+] credit should read ROBYN BECK/AFP via Getty Images) AFP via Getty Images Key Facts Disney raked in $21.2 billion in revenue, in line with analyst estimates, and $0.82 in earnings per share, exceeding analyst estimates of $0.71, according to Factset. Disney increased its cost-cutting goal to $7.5 billion, according to the report, up from the $5.5 billion it set early this year. The company reported 66.1 million international Disney+ subscribers—a nearly 7 million user increase from the previous quarter, in addition to an 800,000 user boost in ESPN+ subscribers, which totaled 26 million. Disney’s linear TV network revenue dropped 9% domestically, a slump it attributed to a decrease in advertising revenue primarily experienced by ABC. The company’s domestic parks and experiences unit generated $808 million in quarterly operating income, an increase from the same quarter last year it attributed to growth at its cruise line and an increase in sales at Disney Vacation Club, its vacation timeshare program. Shares of Disney rose more than 3% in after-hours trading following the release of the earnings report. What To Watch For Disney will take full ownership of Hulu after announcing early this month it would buy Comcast’s 33% stake of Hulu for more than $8 billion. The entertainment giant will pay about $8.61 billion to Comcast’s NBCUniversal by December 1 following an appraisal process that will determine Hulu’s final value as of Sept. 30. The guaranteed floor value for the streaming service…
Filed under: News - @ November 9, 2023 5:10 am