The Walt Disney Company (NYSE: DIS) announced fourth-quarter results Tuesday after regular trading hours, reporting lower adjusted earnings despite an increase in revenues.
The Burbank-headquartered entertainment behemoth said adjusted profit decreased to $0.30 per share in the September quarter from $0.37 per share a year earlier. The latest number also missed expectations. On a reported basis, net income was $162 million or $0.09 per share, compared to $160 million or $0.09 per share in the prior-year period.
Revenues, meanwhile, increased 9% annually to $20.15 billion during the final three months of 2022 but fell short of expectations.
Check this space to read management/analysts’ comments on Walt Disney’s Q4 2022 results
“By realigning our costs and realizing the benefits of price increases and our Disney+ ad-supported tier coming December 8, we believe we will be on the path to achieve a profitable streaming business that will drive continued growth and generate shareholder value long into the future. And as we embark on Disney’s second century in 2023, I am filled with optimism that this iconic company’s best days still lie ahead,” said Bob Chapek, CEO of Walt Disney.