Ahead of Disney’s 2023/2024 Q1 earnings call, Disney is reporting a 23% earnings share at $1.22, which was significantly above the Wall Street expectation of .99. Streaming losses were about one-third of the estimated amounts this quarter, coming in at a $138 million loss instead of the $400 million that was expected.
Even though Disney needs to hit subscriber numbers by the end of the fiscal year, they dropped 1.3 million this quarter, which was likely due to the price increase in fall 2023. However, Bob Iger claims that Disney is expected to add an additional 5.5 million – 6 million subscribers in Q2 2024. It is unclear where those are coming from and how many are paid and not subscribers who get added due to a special deal or bundle offering.
Disney offered big discounts on Disney+ in late 2023 to try to encourage new and returning subscribers to the service. It’s unclear how many were added, but even with those numbers, they still dropped 1.3 million last quarter.
Revenue was reported as $23.5 billion, which was slightly below the expected $23.8 billion. Disney says that the company is on track to exceed the $7.5 billion in savings that they promised last year by end of fiscal 2023/2024.
“We are on track to meet or exceed our $7.5 billion annualized savings target by the end of fiscal 2024, while we continue to look for further efficiency opportunities.”
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