The Walt Disney Company (NYSE: DIS) announced first-quarter 2023 results Wednesday after regular trading hours, reporting a drop in adjusted earnings despite an increase in revenues.
The Burbank-headquartered entertainment behemoth said adjusted profit decreased to $0.99 per share in the December quarter from $1.06 per share a year earlier. On a reported basis, net income from continuing operations was $1.28 billion or $0.70 per share, compared to $1.15 billion or $0.63 per share in the prior-year period.
Revenues increase 8% annually to $23.5 billion in the first three months of 2023. Both media & entertainment revenues and parks & experiences revenue increased.
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“We believe the work we are doing to reshape our company around creativity, while reducing expenses, will lead to sustained growth and profitability for our streaming business, better position us to weather future disruption and global economic challenges, and deliver value for our shareholders,” said Robert Iger, CEO of Walt Disney.