On Wednesday afternoon, just after the end of the trading day on Wall Street, The Walt Disney Company began its 2023 fiscal first quarter earnings call–the first earnings call to be held since Bob Iger was reinstated as Disney’s CEO on November 20.
Despite high inflation and a weakening economy across the nation, Disney’s domestic parks boasted $2.1 billion in operating profits, garnering an increase of 36% over the previous year.
“After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises,” CEO Bob Iger said in the company’s earnings release.
NexStar Media’s Scott Gustin tweeted the numbers as soon as they were released:
NEW: Disney’s earnings beat. Theme parks delivered $2.1 billion in profit, up 35% from last year. $DIS Q1 EPS $0.99 Adj. vs. $0.78 Est. Q1 Revs. $23.51B vs. $23.37B Est. Disney+ lost 2.4M subscribers in Q1
NEW: Disney's earnings beat. Theme parks delivered $2.1 billion in profit, up 35% from last year. $DIS
Q1 EPS $0.99 Adj. vs. $0.78 Est.
Q1 Revs. $23.51B vs. $23.37B Est.
Disney+ lost 2.4M subscribers in Q1 pic.twitter.com/gqTRS3PNBu
— Scott Gustin (@ScottGustin) February 8, 2023
Iger announced big changes for The Walt Disney Company, including the cutting of approximately 7,000 jobs, in an effort to reduce operating costs, a task the veteran CEO was expected to take on. Time will tell whether the cuts are enough to make a any significant difference in the next quarter’s earnings.