Bob Iger Is Pleased With Disney’s Q2 Results
Despite missing projections for EPS and subscriber count, Disney CEO Bob Iger says the company is happy with its Q2 results.
“We’re pleased with our accomplishments this quarter, including the improved financial performance of our streaming business, which reflects the strategic changes we’ve been making throughout the company to realign Disney for sustained growth and success,” Iger said in a statement.
Photo: Chip Somodevilla/Getty Images
While Disney failed to hit a couple of its targets, the overall health of the company seems to be improving.
A Mixed Bag of Results
Over the last quarter, diluted earnings per share increased to $0.93, up from $0.26 in the prior-year quarter. Additionally, revenues for the quarter were up 13%. Both of these results stem from Iger’s plan to lower the company’s operating costs.
Photo: The Walt Disney Company
“From movies to television, to sports, news, and our theme parks, we continue to deliver for consumers, while establishing a more efficient, coordinated, and streamlined approach to our operations.”
While Disney saw its streaming subscriber count fall 2%, the unit saw far fewer losses than expected. Overall the division lost $659 million during the last quarter, compared to a loss of $841 million projected by Wall Street.
Photo: DIsney+
Additionally, revenue for the unit rose by 125 to $5.51 billion, reflecting the service’s recent price increases.
Photo: Disney
In the end, Iger’s legacy will be defined by his ability to turn Disney’s streaming service into a profitable entity. If these Q2 results are any indication, the company is on the right path. The proof, however, will be in the pudding.
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