Disney+ lost 2.4 million subscribers in Q4 2022, marking the first quarterly decline in subscriber numbers since its launch.
Despite the decline, Disney still posted higher-than-expected earnings due to increased revenues from its theme parks.
- Disney announced it would restructure the company, leading to $5.5B in cost cuts and 7,000 jobs eliminated.
- The company will be reorganized into three divisions with its TV and Films, ESPN, and theme parks.
- CEO Bob Iger said the company is focused on improving profit margins after suffering significant losses under former CEO Bob Chapek.
