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On February 7, The Walt Disney Company held its earnings call for the first quarter of the 2024 fiscal year. During the call, A LOT of information was revealed by Disney CEO Bob Iger. Perhaps the most disappointing news was that Disney+ had lost more than 1 million subscribers since the October price hike. However, Iger remained optimistic, saying that the company expects to add between five and six million subscribers this quarter.
Credit: Disney Parks Blog
Despite the hit taken in Disney+ subscribers, Iger did manage to cut the losses from Disney+ down to $300 million, hundreds of millions of dollars less than what the streaming service lost last quarter.
Disney also had many exciting announcements. Iger announced that Taylor Swift’s Eras Tour would be exclusively streaming on Disney+, beginning next month. He also shared that Percy Jackson and the Olympians had snagged a second season. In more unexpected news, the CEO announced that an animated Moana series that was supposed to be released on streaming is actually being made into a feature-length sequel film!
Credit: Disney
Related: Disney Announces Moana 2; Reveals Trailer and 2024 Release Date
In addition to all the exciting streaming news, Iger revealed that all of Disney’s global theme parks had been profitable in the last quarter. He also said that Disney had made a deal with Epic Games, and $1.5 billion was being invested in creating an incredible virtual Disney universe. Furthermore, Disney will be doubling the dividend that its stockholders will receive.
Credit: Walt Disney Company
After the call, Disney stock shot up, as Wall Street investors loved what they heard. For the first time in more than six months, Disney stock went over $100 per share. At the time of publication, the stock sits at just over $111 per share, a more than 12% increase.
While this was great news for Disney, it was most likely horrible news for Nelson Peltz, the billionaire who is attempting a hostile takeover of Disney’s Board of Directors.
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Related: Billionaire Launches Hostile Takeover Of Disney
This is the second time that Peltz has tried to gain power and put himself on the board. He has frequently argued that Iger is not doing enough to increase Disney’s stock price. Peltz has also argued that Disney shareholders are not getting the return on their investment that he thinks they should. Peltz is currently asking Disney shareholders to vote him onto the board, along with one of his loyalists.
Credit: YouTube – Bloomberg Wealth
Related: Will Disney Become “Anti-Woke” If Latest Coup Attempt Is Successful?
Unfortunately for Peltz, a positive earnings call is the last thing he needs. Iger is proving that he — slowly but surely — can right Disney’s ship. Peltz is already facing an uphill battle in the fight for a board seat. That fight was just made infinitely harder, since Iger is showing that he can bring Disney back to the powerhouse it once was.
What news were you most excited to hear from the earnings call? Let us know in the comments!
