Saturday, December 2, 2023

Disney earns US$2,550 million in 6 months, 62% more

The entertainment giant Walt Disney Company announced this Wednesday profits of US$2,550 million (€2,321 million) in the first half of its fiscal year, 62% more year-on-year.

Disney, which is in the midst of a restructuring to improve the cost effectiveness of its media business and has fired thousands of people recently, billed US$45.327 million in the six months ending in April, 10% more, according to a statement.

In the second and last quarter, the company had a profit of US$1,271 millionalmost triple compared to the same stretch last year, while its turnover increased by 13%, one of the lowest growth figures in recent years.

At the end of last year, the company withdrew from the retirement to its current chief executive, veteran Bob Iger, to get the situation under control, and has since announced changes in the distribution of business segments and 7,000 layoffs.

Iger was satisfied with the results and said this Wednesday that the finances of the “streaming” segment have improved, which increased its quarterly revenues to US$5,514 million (12% more) and reduced its operating losses by 26% to $659 million.

However, there was a general reduction in subscribers, as the platform Disney+the main one, lost 4 million subscribers, up to US$157.8 million, and Hulu and ESPN+ had slight increases, standing at US$48.2 million and $25.3 million of subscribers

The Disney Amusement Parks and Fiction Universe Products segment had lower revenue than the Media segment, but higher growth, and also had higher operating profit growth.

The figures, released at the close of the stock market, they were below analysts’ expectations and shares fell almost 5% in electronic trading. The company has appreciated 16% since the beginning of 2023.


Please enter your comment!
Please enter your name here

Latest article