Disney is in the middle of a “strategic reorganization″ that includes cutting about jobs to help save $5.5 billion across the company.
- Walt Disney Co. CEO Bob Iger vowed to make its streaming services profitable via a planned October price hike on its ad-free Disney+ and Hulu plans and a crackdown on password sharing expected to extend through next year.
Iger spoke following Disney’s release of mixed earnings for its fiscal third quarter ended July 1. The company reported a substantial net loss while shedding customers in both domestic and international markets. Overall, Disney reported a 4% increase in revenue for the quarter but swung to a net loss of $460 million from a year-earlier profit of $1.4 billion. Disney shares, which closed at $87.49, rose roughly 2.5% to around $90 in after-hours trading.
The service had 146.1 million international customers in its third quarter, a 7.4% decline from the 157.8 million it reported in the second quarter. That followed a in the second quarter. Domestically, it shed 300,000 subscribers in the third quarter, the same number it lost in the second quarter. Iger didn’t provide details about the password-sharing crackdown beyond saying that Disney could reap some benefits in 2024, although he added that the work “might not be completed” that year and that Disney couldn’t predict how many password sharers would switch to paid subscriptions.
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