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Walt Disney stock falls 2% following Q2 EPS miss & in-line revenues
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Published May 10, 2023 17:02
© Reuters.
Walt Disney (NYSE:DIS) shares fell more than 2% after-hours following the company’s reported Q2 earnings, with EPS of $0.93 coming in worse than the consensus of $0.95. Revenue grew 13% year-over-year to $21.82 billion, in line with expectations.
Linear Networks revenues decreased 7% to $6.6B, and operating income decreased 35% to $1.8B. Direct-to-Consumer revenues grew 12% to $5.5B and operating loss decreased by $0.2B to $0.7B due to improved results at Disney+ and ESPN+, partially offset by lower operating income at Hulu.
Disney+ saw improved results from increased subscription revenue, lower marketing costs, and more content provided on the platform, partially offset by higher programming and production costs and, to a lesser extent, increased technology costs. Higher subscription revenue was attributable to Disney's subscriber growth and increases in retail pricing, partially offset by an unfavorable foreign exchange impact.
Improved results at ESPN+ were attributable to growth in subscription revenue due to an increase in retail pricing and subscriber growth.
Disney Parks, Experiences and Products segment revenues grew 17% to $7.8B, and segment operating income increased 23% to $2.2B, reflecting increases at its international and domestic parks and experiences businesses, partially offset by lower results at its merchandise licensing business.
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