Disney to hike prices for Disney+, Hulu
Walt Disney Co.’s stock dipped in after-hours trading Wednesday after the company posted mixed quarterly results roughly in line with analysts’ expectations amid a cost-cutting frenzy.
Analysts surveyed by FactSet had on average expected adjusted earnings of 96 cents a share on revenue of $22.5 billion. Disney shares declined about 2% in after-hours trading immediately following the release of the report, after dropping 0.7% to $87.52 in the regular session. Still, the company has lost more than $10 billion in its DTC segment since launching Disney+ in late 2019. Disney had told investors for three years it expects Disney+ to be profitable by September 2024. During a conference call with analysts late Thursday, Iger said Disney is exploring options to crack down on account sharing in 2024 and it has already signed 3.3 million subscribers to its ad-supported Disney+ service.
Disney’s television networks generated sales of $6.7 billion, while analysts’ average estimates called for $6.74 billion. Content sales and licensing, a category that includes Disney’s film business, reported revenue of $2.1 billion, compared with analysts’ expectations of about $2.15 billion. Disney+ had 146.1 million subscribers globally, 7% fewer than the 157.8 million it had in the previous quarter. The decline mostly came from India, where Disney lost the rights to stream a popular cricket league last year.
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