During The ‘s fiscal second-quarter call last week, the company revealed its success in , but Mickey missed the mark in at least one area, thanks to a more than $1 billion loss related to an early termination of licensing agreements. subscriptions to Disney+
The and participated on Wednesday, was full of the usual for the quarterly call presented by Disney C-level execs against a backdrop of ‘s finest and listened to by shareholders and interested fans: Chapek referenced “stories” and “storytelling” perhaps more frequently than necessary as he gave an overview of the company’s , and McCarthy followed with scores and scores of figures and numbers. call, in which
At least a handful of those figures and numbers stood out to interested parties, the first being the phenomenal in numbers of Disney+ subscribers: that beat even ‘s projections. The dynamic C-level Disney duo shared details during the call that painted a picture of Disney’s thriving business, including details about attendance on days inside the , some of which exceeded pre-pandemic demand in the .
In Disney’s division, sales more than doubled from $3.1 billion to $6.7 billion, and the division reported an operations profit of $1.8 billion, a welcome number, especially compared to a $400 million loss in the of 2021. The division can thank Disney’s for the uptick in operating profit; even and –as “standout” referred to the U. S. —, saying that part of the good news for that division could be attributed to Disney’s new and offerings for Guests.
per share of 26 cents saw a decline from 50 cents. EPS was $1.08, an increase from the previous ‘s 79 cents.
But Disney’s major loss during the was in its service, but it wasn’t because of a drop in Disney+ subscriptions. Rather, the company amassed a more than $1.02 billion loss because of an early termination of “license agreements for film and television content delivered in previous years” that it has chosen to use on its direct-to-consumer services.
While Disney’s said during the call with that those deals were books as when the agreements were made, so they had to be pulled back from the numbers when Disney terminated the agreements. report didn’t specify which content had been pulled back,
Disney is one of several streamers making the decision to take back their own content. Six of Marvel’s original series for Netflix, Daredevil, Jessica Jones, Luke Cage, Iron Fist, The Punisher, and The Defenders limited series, as well as Marvel’s Agents of S.H.I.E.L.D., which had been on Netflix only, are set to move to Disney+ beginning May 16.