>
>Disney� Ts � oThe Marvels,� a female-led superhero movie and sequel to
>� oCaptain Marvel,� has experienced a significant drop in box office
>performance, marking the worst second-weekend drop for any modern
>Hollywood superhero film.
>

Looks like they'll be laying off more right wingers from the shithole
state of Floriduh.

Firing rightists is the way to bigger profits!

Disney expands cost-cutting plan by $2 billion, posts better-than-expected
profit
Published Wed, Nov 8 202312:00 PM ESTUpdated Wed, Nov 15 20238:25 AM EST
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Sarah Whitten
@sarahwhit10
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Key Points

Disney reported quarterly earnings after the closing bell.
Profit topped expectations, but revenue came up short.
Ad revenue slumped, but the streaming segment narrowed its loss.

In this article

DIS-0.07 (-0.07%)After Hours

Disney CEO Bob Iger: We are very bullish on the future of Disney+
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Disney CEO Bob Iger: We are very bullish on the future of Disney+

LOS ANGELES � Disney earnings topped expectations thanks in part to profit
at ESPN+ and continued growth at theme parks, but a decline in ad revenue
weighed on the top line.

Disney also said it plans to continue to �aggressively manage� its cost
base, increasing its cost-cutting measures by an additional $2 billion to
a target of $7.5 billion.

Shares of the company closed higher than 6% Thursday.

The decrease in ad revenue was primarily from Disney�s ABC Network and
other owned TV stations, which saw lower political advertising revenue
during the quarter. Over the summer, CEO Bob Iger said the company could
be open to selling its TV assets.

Meanwhile, the company added 7 million new core Disney+ subscribers from
the previous quarter, bringing its total number of users to 150.2 million,
including Hotstar. The streaming business also narrowed its losses
compared with a year earlier.

Wall Street had expected Disney to report a total of 148.15 million subs
for the quarter. The company touted the addition of theatrical titles such
as �Elemental,� �Little Mermaid� and �Guardians of the Galaxy: Vol. 3� as
well as the new Star Wars series �Ahsoka� as key streaming content during
the last three months.

The company continues to expect that its combined streaming businesses
will reach profitability in the fiscal fourth quarter of 2024.

�As we look forward, there are four key building opportunities that will
be central to our success: achieving significant and sustained
profitability in our streaming business, building ESPN into the preeminent
digital sports platform, improving the output and economics of our film
studios, and turbocharging growth in our parks and experiences business,�
CEO Bob Iger said in a statement Wednesday.

Here are the key numbers from Disney�s report:

EPS: 82 cents per share adjusted vs. 70 cents per share expected,
according to LSEG, formerly known as Refinitiv
Revenue: $21.24 billion vs. $21.33 billion expected, according to LSEG
Total Disney+ subscribers: 150.2 million vs. 148.15 million expected,
according to StreetAccount.

The company reported net income of $264 million, or 14 cents per share,
for the fiscal fourth-quarter ended Sept. 30, up from a net income of $162
million, or 9 cents a share, during the year-ago period.

Excluding impairments, the company earned 82 cents per share, higher than
the 70 cents per share Wall Street had expected.

Revenue increased 5% to $21.24 billion, just short of estimates, which
called for revenue of $21.33 billion. This is the second consecutive
revenue miss for Disney and the first time it has had a consecutive
revenue miss since early 2018.

This is also the first quarter that Disney is using its new financial
reporting structure, which segmented the company into three divisions �
entertainment, sports and experiences. Entertainment contains all of
Disney�s streaming and media operations, sports includes ESPN, and
experiences includes the company�s theme parks, hotels, cruise line and
merchandising efforts.

Disney�s experience division saw revenues jump 13% to $8.16 billion during
the quarter as parks saw higher attendance and ticket prices domestically
and abroad. The company reported that there are still lower hotel rates at
its Florida resort and that area is experiencing higher operating costs.
Parks represented around 66% of total revenue for this division.