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Disney Releases Fiscal Q2 2023 Earnings Report, DIS Stock Down 5% in Pre-market

The Walt Disney Company (NYSE: DIS) posted revenue and profit in line with analysts’ expectations for its fiscal Q2 2023. The company, which released its second quarter and six months’ earnings for fiscal 2023, said its quarterly revenue grew 13% to $21.82 billion. Meanwhile, analysts expected $21.78 billion. Revenue also jumped 20% in the six months. Walt Disney added that diluted earnings per share from continuing operations increased from $0.26 in fiscal Q2 2022 to $1.08 in fiscal Q2 2023. At the same time, earnings per share from continuing operations for the half-year, which ended on April 1, 2023, climbed from $0.89 in the prior-year period to $1.39.

Despite posting increases, Walt Disney closed down 1.02% on the New York Stock Exchange, after which it lost 4.88% in the pre-market trading. The company’s shares have been swinging between profit and loss for the past year, shedding 3.87% in the last twelve months. While it gained over 16% since January, it has also plunged 9.52% in the last three months. In addition, DIS has added more than 3% over the past month and about 0.28% in the last five days.

The CEO of Disney, Robert A. Iger, commented on the company’s Q2 and six months’ earnings for fiscal 2023, saying:

“We’re pleased with our accomplishments this quarter, including the improved financial performance of our streaming business, which reflect the strategic changes we’ve been making throughout the company to realign Disney for sustained growth and success. From movies to television, to sport, news, and our theme parks, we continue to deliver for consumers, while establishing a more efficient, coordinated, and streamlined approach to our operations.”

Furthermore, Walt Disney revealed that Disney+ subscriptions dropped 2% from $161.8 million recorded as of December 31 to 157.8 million. Meanwhile, the company expected the subscription to grow less than 1% during the quarter to 163.17 million users. An 8% fall in membership at India’s Disney+ Hotstar and 600,000 subscribers lost domestically majorly contributed to the losses. According to Disney, subscription revenue at Disney went up in fiscal Q2 2023. The report noted that average revenue per user popped 20% to $7.14 for domestic subscribers. Also, Disney said the direct-to-customer operating income losses during fiscal Q2 2023 was $659 million. Despite the high figure, it came in lower than the projected $841 million.

The recent earnings report is the second since Iger became the CEO again in November 2022. The chief executive is managing a broad restructuring which includes laying off 7,000 employees. Toward the end of March, Iger announced the first of three dismissal rounds to workers, adding that the impacted people would be notified.

Disney Releases Fiscal Q2 2023 Earnings Report, DIS Stock Down 5% in Pre-market

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