2023-11-08 22:08:00
New York, Nov 8 (EFECOM).- The Walt Disney company announced this Wednesday a net profit of 2,354 million dollars (2,197 million euros) in its 2023 financial year – it does not follow the natural calendar -, 25% less compared to the year previous prosecutor.
Even so, the American entertainment giant reported a turnover of 88,898 million in the 12 months ended September 30, 7.5% more year-on-year. About half of that amount comes from its media business.
According to a statement, the conglomerate added 7 million subscribers to its Disney+ streaming platform, putting total subscribers at just over 150 million.
CEO Bob Iger said in the note that the company has left its “repair period” behind and can now focus on expanding its business.
The entertainment giant announced in February a plan for phased layoffs of regarding 7,000 employees, regarding 3% of the workforce, as part of a plan to reduce $5.5 billion in expenses.
In the revenue breakdown, Disney said it expects the combined operations of all of its streaming services, which also include the sports platform ESPN+, to be profitable by the end of fiscal 2024, although it warned that progress may not be linear.
The “direct-to-consumer” services division, which includes streaming platforms, has accumulated 2,612 million losses this year, around half of what it lost last year.
In the fourth quarter, the most recent and followed by Wall Street analysts, the company earned 264 million, 63% more compared to the same section of 2022, while its income amounted to 21,241 million, 5.4% more.
The data was generally better than the stock market expected, with the company’s shares rising more than 3% in electronic trading following the close. However, it suffered losses in advertiser revenue on its television networks, a segment that Iger has signaled he would be open to selling. EFECOM
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