Disney’s streaming losses improve even as subscriber numbers decline

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Writers walk the picket line on the second day of the television and movie writers’ strike outside Disney Studios in Burbank, California on May 3, 2023.
Robyn Beck | AFP | Getty Images

A writers strike, a feud in Florida and ongoing company-wide layoffs — there is a lot more than quarterly earnings for CEO Bob Iger and the Walt Disney Company to address on Wednesday.

As the pandemic era fades, Disney has staged a rapid financial recovery within most of its divisions, from theme parks to theatrical entertainment. Meanwhile, its streaming business has slowed and it continues to face headwinds in its traditional media business as consumers cut cable and advertising revenue plummets.

Investors are keen to see if the newly returned Iger can overcome these concerns while paving the way for the future with a new succession plan.

The company reports is fiscal second quarter earnings after the bell.

Here are what analysts expect:

  • Earnings per share: 93 cents per share expected, according to a Refinitiv survey of analysts
  • Revenue: $21.79 billion expected, according to Refinitiv
  • Disney+ total subscriptions: 163.17 million expected, according to StreetAccount

Beyond day-to-day operations at the company, shareholders and industry analysts expect Iger to address a number ongoing challenges.

On Monday, Disney expanded its federal lawsuit against Florida Gov. Ron DeSantis, accusing the Republican leader of doubling down on his “retribution campaign” against the company by signing legislation to void Disney’s development deals in Orlando.

Additionally, the company is already seeing rippling effects from the ongoing writers strike, including the production shutdowns of Marvel Studios’ “Blade,” which was set to begin filming in Atlanta next month, as well as the Disney+ Star Wars series “Andor.”

There is also the third wave of expected layoffs within the company, that industry experts expect to see announced soon.

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