Disney shares sink nearly 9% after the company reports streaming subscriber losses

📆 11.05.2023 22:26:00
📰 CNBC

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The company, which posted profit and revenue for the period that were in line with Wall Street estimates, reported a loss of four million Disney+ subscribers.

new ad tier and continued economic uncertainty, according to a note from Paul Verna, principal analyst at research firm Insider Intelligence.

Analysts at SVB MoffettNathanson lowered their price target for the stock by $3 to $127 following the report, but maintained the firm's outperform rating. The firm sees aggregate subscriptions being roughly flat in the fiscal third quarter and rising in the fiscal fourth quarter.

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Disney Earnings: Streaming Losses Shrink and ARPU Rises, Disney+ Subscribers Fall to 157.8MHigher prices did not seem to materially impact the Disney+ domestic subscriber base even as the service lost subs due to international arm Disney+ Hotstar.
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