Disney Releases The Numbers Of Their Earnings In 2023 And What Their Plan Is
Image Source: Disney Wiki
The Walt Disney Company wrapped up 2023 and its first quarter of the 2024 fiscal year, which ended on December 30, with some interesting outcomes. The overall revenue for this quarter is comparable to the previous years’ results, coming in at $23.5 billion. The diluted earnings per share increased to $1.04 from 70 cents. Disney+ subscribers took a dip in numbers by 1.3 million, likely due to the subscription price increase; their losses were narrowed by $300 million, possibly balanced due to said price increase. Overall, the company is asserting that they are “on track to meet or exceed” the “$7.5 billion annualized savings target by the end of fiscal 2024.”
The timing sounds a little odd, but Disney’s quarterly periods for a fiscal year are broken up as follows: Q1 is from October to late December of the previous year, Q2 fully kicks off the stated year, from early January to March/early April, Q3 is from April to early July, and Q4 is from July to early October.
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Image Source: IMDb
Bob Iger, the CEO of the Walt Disney Company, addressed these outcomes in a follow-up remark, “Just one year ago, we outlined an ambitious plan to return to a period of sustained growth and shareholder value creation, and our strong performance this past quarter demonstrates we have turned the corner and entered a new era.” Iger has confidence as this fiscal year continues, and the numbers seem to back him up so far.
So what’s coming for the company? The future sports collab with other networks isn’t the only thing Disney is looking to develop; in the fall of 2025, the company will be making a solo option for ESPN streaming, strengthening the brand. A variety of theatrical releases are coming up as well, including the sequel to Moana. Disney+ will become the home for Taylor Swift’s concert movie, Taylor Swift | The Eras Tour (Taylor’s Version), on March 15. On the financial side, they will be looking to buy back up to $3 billion during the 2024 fiscal year, allowing for the company to be more flexible with capital allocation. There are high hopes for this fiscal year, and things are moving in a positive direction thus far.
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