Disney Q4 Results: Profit beats Wall Street estimates; seeks to cut extra $2 billion in cost
Also Read: Amazon eliminates jobs in music division in new round of cuts In a call with investors, Chief Executive Officer Bob Iger said the added cost cutting will move Disney from “an era of fixing to an era of building." The company also plans to ask its board to reinstate a dividend payment to shareholders by the end of 2023, interim Chief Financial Officer Kevin Lansberry said. Walt Disney said it added nearly 7 million Disney streaming subscribers in the quarter, with the inclusion of “Guardians of the Galaxy Vol.
3" and the original series “Star Wars: Ahsoka." (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Disney and Disney Hotstar together boast 150.2 million subscribers, ahead of Visible Alpha's estimate of 147.4 million, Reuters reported. “Our results this quarter reflect the significant progress we've made over the past year," Iger said in a statement.
“While we still have work to do, these efforts have allowed us to move beyond this period of fixing and begin building our businesses again." Disney’s streaming services, which includes Hulu and ESPN, reported narrowing of its quarterly losses to $387 million from $1.47 billion a year earlier, due to price hikes and higher ad revenue. Also Read: Will the collapse of WeWork impact co-working in India? The company said its streaming business remains on track to reach profitability by September 2024.
Disney's newly named Experiences group, which includes its theme parks and resorts, and cruise lines and consumer products, reported nearly $1.8 billion in operating income in the quarter, up 31% from a year ago, Reuters reported. Higher attendance at Shanghai
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