Disney shares tumbled after sharp loss of subscribers in the first quarter

Disney shares tumbled after sharp loss of subscribers in the first quarter

According to analysts, the four million casualties declared by the company on its main streaming platform, Disney+, would be the main reason for the fall in its titles.

The Actions of Walt Disney fell 8.7% in Wall Street after the entertainment giant presented last Wednesday its balance in which they registered significant drops in the number of subscribers of his main streaming platformone of the company’s big bets, during the first quarter of 2023.

Thus, at the beginning of the round, among the thirty values ​​that make up the Dow Jonesthe main index of the New York stock market, the titles of the entertainment company were positioned by far as those with the greatest decrease.

Presentation of the balance sheet

Disney’s losses came after the company filed after the stock market closed on Wednesday your accounts for the first semester of his fiscal year, when he had a few benefits of US$2,550 million (2,321 million euros), 62% more year-on-year.

In addition, he announced a improving the finances of its “streaming” segmentthat increased your quarterly income up to 5,514 million (12% more) and reduced its operating losses by 26% up to 659 million.

However, there was a general reduction of subscriberssince its main platform, Disney+, lost 4 million subscribersup to 157.8 million, and hulu and ESPN+ they had slight incrementsstanding at 48.2 million and 25.3 million subscribers.

The detail of this loss was mainly responsible for Disney+ Hot Starthe version of the service offered in India and parts of Southeast Asia where the conglomerate failed to retain the broadcasting rights of the matches of cricket in the Indian Premier League, pointed out the specialized portal Variety.

According to the analysts, these were the data that during this round punished the company in the marketswhich yesterday also announced that it plans to combine the content of its on-demand content services Disney+ and Hulu in a single application It will be available in the US later this year.

Source: Ambito

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