Last Update: May 11, 2023, 03:06 AM IST
Bob Iger, who returned in November to take over as CEO from Bob Chapek, has been working for the past six months to turn around Disney’s streaming business.
The entertainment giant, which is in the midst of a “strategic restructuring,” is working on reducing jobs as part of a targeted $5.5 billion in savings.
Continued strength at its theme parks and improved streaming business propelled The Walt Disney Company to higher profit and revenue in its fiscal second quarter.
The entertainment giant, which is in the midst of a “strategic restructuring,” is working on reducing about 7,000 jobs as part of targeted $5.5 billion in cost savings across the company.
Bob Iger, who returned in November to take over as CEO from Bob Chapek, has spent the past six months working to turn Disney’s streaming business around, as well as ensuring that the finances coming from its theme parks remain on shaky ground. No.
He also faced an attempt by Florida Governor Ron DeSantis to save Disney World’s theme park district from takeover.
Disney sued DeSantis in late April, alleging that the company waged a “targeted campaign of government retaliation” after a law critics opposed called “Don’t Say Gay.” Disney’s legal filing is the latest salvo in a more than year-old feud between the company and DeSantis.
For the three months ended April 1, Disney earned $1.27 billion, or 69 cents per share. That compares with $470 million, or 26 cents per share, a year ago.
After adjusting for one-time items, Disney earned 93 cents per share, matching analysts’ expectations according to a survey by FactSet.
Revenue increased 13% to $21.82 billion. This is also in line with Wall Street’s forecast of $21.8 billion.
Sales in its parks, experiences and products segment grew 17% in the quarter. Revenue for the segment that includes Disney’s movie business climbed 3%.
In Disney’s fiscal first quarter, sales at its parks, experiences and products division rose 21%, while revenue from its movie business for unit housing rose 1%.
Disney’s theme parks are widely viewed by industry experts as an important component of the Burbank, California-based company’s business. To that end, Iger has made it a priority to reconnect with Disney theme park die-hards and restore their faith in the brand.
Shortly after Iger’s return, changes were afoot in American parks. And on Monday, Disney announced that some big updates are in store for Walt Disney World next year, including the return of the Disney Dining Plan and offering certain days that annual passholders and Disney cast members can visit Walt Disney World without the need for park reservations. Go to World Theme Park.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
