“Disney’s Q1 2023 Report Shows Increased Profits, Declining Subscriptions, and Falling Shares”

The giant American entertainment company, Walt Disney, announced on Wednesday evening its quarterly business report for the first quarter of 2023, which showed that the company’s profits increased by 13% on an annual basis, to record $ 21.82 billion, which exceeded market estimates of only $ 21.80 billion.

The business report also indicated that Disney’s diluted earnings doubled year-on-year, to record $0.69, after the company’s net profit reached $1.3 billion, while Disney’s adjusted earnings per share fell by 14% to $0.93, which is lower than expectations that indicated its decline. To only $0.95.

As for the platform’s performance, the number of paid subscriptions to Disney’s live streaming service has declined+ 2% to score 157.8 million subscriptions through April 1, compared to the previous quarter, but Disney’s monthly revenue from paid subscriptions rose 13%, to $ 4.44 billion..

Commenting on the results, Disney CEO Bob Iger said the company is pleased with our accomplishments this quarter, including the improved financial performance of the broadcast business, which reflects the strategic changes Disney management is making across the company to reorganize and deliver sustainable growth and success.

In terms of Disney shares declined by 5.48% during pre-market trading, to record $95.60 per share, after closing yesterday’s session down by 1.02%, after the decline in the number of subscribers and earnings per share.