Walt Disney Co. Chief Executive Bob Iger returned to the earnings stage Wednesday and delivered a big beat, largely thanks to improving financial results at Disney’s theme parks, but Disney+ subscribers declined more than expected.
“First, reductions to our non-content costs will total roughly $2.5 billion, not adjusted for inflation; $1 billion in savings is already underway,” he added, in targeting a return to profitability by the end of 2024. “After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises,” Iger, who returned as CEO in November to replace Bob Chapek, said in a statement announcing the results.
Disney’s largest business segment, media and entertainment distribution, reported sales of $14.78 billion in the quarter, up slightly from $14.59 billion a year ago; analysts on average predicted $15.4 billion. Direct-to-consumer sales, which includes streaming services as well as some international products, brought in $5.3 billion, compared with analysts’ forecast of $5.44 billion on average.
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