Disney released its Q1 FY2023 earnings on Wednesday, posting an 8% growth in revenue. The media and entertainment giant generated $23.5B in revenue.
Net income from operations was $1.3B, 99 cents a share, up 11% YoY. During its earnings call, Disney announced it would lay off 7,000 workers as part of re-org and cost-cutting measures.
- The company aims to transform its business by reducing expenses and putting creative power back in the hands of its content creators.
- This was Disney’s first earnings report since the return of CEO Bob Iger in November.
- Disney reported it lost 2.4 million Disney+ subscribers in the quarter, bringing its total Disney+ subscriber count to 161.8 million.
- Hulu had 48 million subscribers, up 2% YoY, and ESPN+ reported 24.9 million.
- Disney’s Parks and Experiences generated $8.7B in revenue, up 21% YoY.
- Disney’s shares jumped more than 8% during extended trading on Wednesday.
