The Walt Disney Company (NYSE: DIS) announced second-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 $0.93 per share in the March quarter from $1.08 per share a year earlier. On a reported basis, net income from continuing operations was $1.27 billion or $0.69 per share, compared to $470 million or $0.26 per share in the prior-year period.
Revenues increase 13% annually to $21.8 billion in the second quarter of 2023. Both media & entertainment revenue and parks & experiences revenue increased.
“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,” said Robert Iger, CEO of Walt Disney.