The Walt Disney Company has reported its fiscal first quarter 2023 financial results via a live audio webcast, with a revenue of $23.51 billion in the first fiscal quarter of 2023, which is up 8% from previously.
Here are some of the highlights from the webcast: –
- Revenue was expected to be about $23.33 billion, 7% higher from the prior year’s quarter, so the results just beat those expectations.
- Disney Parks & Resorts has reported $8.7 billion revenue during the first fiscal quarter of 2023, up 21% from the last quarter.
- Disney+ lost 2.4 million subscribers in the last three months of 2022, the first drop since the platform’s launch in November 2020.
- The company will be reorganised into three core business segments: Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products.Alan Bergman and Tina Walton will lead Disney Entertainment together, whilst Jimmy Pitaro will remain the head of ESPN, and Josh D’Amaro will continue to run Disney Parks.
- Disney will cut around 7000 jobs across the company, amounting to 3% of the companies workforce.
- Sequels are coming for Frozen, Toy Story and Zootopia.
- An Avatar Experience is coming to Disneyland in California.
Bob Iger, Chief Executive Office of the Walt Disney Company, had this to say….
“After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises. We believe the work we are doing to reshape our company around creativity, while reducing expenses, will lead to sustained growth and profitability for our streaming business, better position us to weather future disruption and global economic challenges, and deliver value for our shareholders.”
There was no Star Wars news. Share prices for The Walt Disney Company have risen roughly 10% since the news, the highest they’ve been for 6 months.
