Disney Stock Soars On Job Cuts, Cost Savings After Disappointing Streaming Subs
https://www.zerohedge.com/markets/disne ... aming-subs
Revenues from its India streaming subscribers were sharply lower, suggesting the loss-leading division will continue see red over the coming months.
Weakness in the streaming division would "linger" into the three months ending in June.
Adjusted diluted earnings for the three months ending in March, the group's fiscal second quarter, came in at 93 cents per share, down 14% from the same period last year and largely in-line with the Street forecast.
Group revenues, Disney said, rose 7.5% to $21.82 billion, narrowly topping Street forecasts of $21.79 billion.
Disney+ paid subscribers fell by 4 million to 157.8 million, the company said, thanks in part to the loss of televised cricket rights in India. Revenues per Hotstar+ user, meanwhile, fell 20% from last quarter to $0.59.
Parks and Experiences, meanwhile, saw revenues rise 17% from last year to $7.78 billion.
"Elemental" which had a $200 million budget, took in $29.5 million domestically in its opening weekend, a lackluster performance that invited criticism from some, including Jim Cramer.
The crumbling of the cable bundle, which it's heavily leveraged to.
"It looks as if they have a creative slump issue in the animation area. Those things are fixable, but they gotta fix it".
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