Disney posts Q4 results below Wall Street estimates
The Walt Disney Co. posted Tuesday lower-than-expected profit, revenue and profit for its fiscal fourth quarter. However, its streaming services performed well, sending its shares lower after-hours trading.
The company reported that it earned $162 millions, or 9c per share, in its July-September quarter. This is almost flat compared with $160million, or 9c per share, a year ago.
Excluding one-time items, Disney earned 30 cents per share. According to FactSet, analysts were expecting earnings of 56cs per share.
Revenue grew 9% to $20. 15 billion from $18. 53 billion. Analysts were expecting revenue of $21. 27 billion.
Disney reported that it had more than 235million subscribers to its streaming services at the end of its fiscal year. This is higher than the 231.5million analysts expected.
The company plans on increasing prices at Disney and introducing a lower-priced version with advertisements. Disney is currently ad-free.
Disney added 12.1 million subscribers to bring the total 164.2 million as of Oct. 1. The Netflix has approximately 223million subscribers.
CEO Bob Chapek stated that Disney will still be profitable in 2024, “assuming we do not see a significant shift in the economic environment.”
Shares fell almost 8% after-hours trading.
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