Disney's Building Phase: Mixed Earnings, Cost-Cutting, and Streaming Success
The Walt Disney Co. is entering a new phase under CEO Bob Iger's leadership after completing its restructuring efforts. The company reported revenue of $21.2 billion in its fiscal fourth-quarter, slightly missing estimates but showing growth from last year. Disney+ added 7 million subscribers, bringing the total to over 150 million. The company's new financial reporting structure separates ESPN's finances from the rest of its linear and streaming offerings. Revenues in entertainment were $9.5 billion, with direct-to-consumer contributing over $5 billion. ESPN's revenue rose slightly to $3.8 billion, while parks and experiences saw a 13% increase in revenue. Disney also reported over $1 billion in restructuring and impairment charges.
- Disney Now in “Building” Phase, Bob Iger Says, as Company Reports Mixed Earnings Results Hollywood Reporter
- Disney expands cost-cutting plan by $2 billion, posts better-than-expected profit CNBC
- Disney set to report earnings as investors focus on ESPN, improved streaming losses Yahoo Finance
- Disney+ Tops 150 Million Subscribers, Streaming Loss Narrows to $387 Million Variety
- A Big Earnings Day for Iger and Disney The New York Times
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