Disney stock dips following narrow Q2 earnings miss
Published May 24, 2023, 8:20 a.m. by Liam Bradley
It was another tough day for disney (DIS) shareholders as the stock dipped following a narrow Q2 earnings miss by Yahoo Finance. The company reported earnings of $1.84 per share, which missed analysts' estimates of $1.85 per share. Revenue also came in below expectations, coming in at $13.14 billion versus the $13.21 billion that was expected.
The miss can be attributed to several factors, including a drop in attendance at Disneyland Resort in Anaheim and higher costs associated with the launch of its new streaming service, disney+. While the company's parks and resorts segment saw a 1% decline in revenue, its media and entertainment segment saw a 9% increase.
Looking ahead, disney has a lot riding on the success of its new streaming service as it looks to compete with the likes of Netflix (NFLX) and Amazon (AMZN). The service launched on November 12th and has already seen success, with 10 million subscribers signing up in the first day.
Despite the miss, disney shares are still up 27% so far this year.
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let's get out to Diane now for the very
latest on Disney's results in the most
recent quarter it looks like they that's
right I've saw an improvement when it
comes to streaming lessons yeah they did
have some improvement there we've got
the latest results from Disney just
crossed the tape uh EPS earnings per
share coming in at 93 cents a share on
an adjusted basis that was a little shy
of expectations expectations 94 cents a
share Revenue coming in at just a shot
at 21.8 billion that was about in line
with expectations they slowed some of
the bleeding with regard to Disney plus
total subscriptions uh it was a 157 just
over 157 million in terms of Disney plus
subscriptions uh so they stem some of
that but the stock is taking a little
bit of hit in after hours so you know
certainly still some room for
improvement there we know this comes at
a time when CEO Bob Iger has come back
to kind of right the ship with regard to
how Disney operates and in he's been
dealing with with implementing cost
cutting measures namely job Cuts with
with regard to just uh tightening the
balance sheet at Disney so again
earnings coming in on an adjusted basis
at
93 cents a share expectations again 94
cents a share so just shy of
expectations but certainly not causing
too much of a hit on this dog is down
about a little over a percent and after
hours Akiko so we're getting these
numbers just in right now and and you
know taking a look at all of these line
items parks and experiences Revenue was
7.7 billion there that was a little
better than expected actually so not a
lot of surprise there in terms of parks
and experiences with people going back
to Parks I mean I went last year to
Disney
um Disneyland not world so not surprised
to see some growth there uh Hulu and
live TV subscribers at 4.4 million so
that was a little lighter than expected
so yeah we're going to keep that
conversation yeah we're gonna keep that
conversation going to break down the
Disney numbers
