Disney Days – Disney’s Earnings Report 💰

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Disney Days – Disney’s Earnings Report

Disney has had to navigate through some of the weirdest times in its company history. For one, they are currently under attack by the government of Florida due to stances they have taken on social issues, creating a war between the two parties that hasn’t ended yet. Additionally, parts of Hollywood are under strike at the moment, a historic moment for the entertainment industry moving forward.

These are just some of the events that set the stage for Disney’s third quarter earnings, which they reported after the market closed on Wednesday. Unfortunately, they continued to lose subscribers for the Disney+ streaming service with the number sitting at 146.1 million, and this can be attributed to Disney+ Hotstar losing rights to IPL matches, leading many users in India to depart. Along with this, revenue failed to meet analyst expectations, with Disney bringing in $22.33 billion, but they were able to record an earnings beat with $1.03 per share. Some big announcements came with the earnings report too; CEO Bob Iger said that the company is going to raise prices of ad-free versions of Disney+ and Hulu by more than 20 percent because they believe the demand exists to do so, and it finalizes Disney’s shift from being a budget option. Along with this, ESPN and Penn Entertainment reached a $2 billion deal to create ESPN Bet, rebranding Penn’s sportsbook for Americans to place bets while introducing ESPN to the gambling industry. ESPN used to be one of the bright spots of Disney’s entertainment collection but has been losing steam lately, with many layoffs occurring. Markets reacted positively after hours, but it’s clear that Disney needs more time to see if their business strategies have been executed properly.

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