US-based mass media company The Walt Disney’s revenue for the third quarter of fiscal 2023 and nine months grew 4 per cent and 8 per cent, respectively. Diluted earnings per share (EPS) from continuing operations for the quarter was a loss of $0.25 compared to income of $0.77 in the prior-year quarter. Excluding certain items, diluted EPS for the quarter was $1.03, down from $1.09 in the prior year quarter.

Domestic Channels’ revenues for the quarter decreased 4 per cent to $5.5 billion, and operating income decreased 14 per cent to $1.8 billion. The decrease in operating income was due to lower results at both broadcasting and cable. International Channels’ revenues for the quarter also decreased 20 per cent to $1.2 billion, and operating results lowered to a loss of $87 million from income of $166 million, the company said in a press release.

EPS from continuing operations for the nine months ended July 1, 2023 decreased to $1.14 from $1.66 in the prior-year period. Excluding certain items, diluted EPS for the nine months ended July 1, 2023 decreased to $2.94 from $3.22 in the prior-year period.

“Our results this quarter are reflective of what we’ve accomplished through the unprecedented transformation we’re undertaking at Disney to restructure the company, improve efficiencies, and restore creativity to the centre of our business,” said Robert A Iger, chief executive officer, The Walt Disney Company.

“In the eight months since my return, these important changes are creating a more cost effective, coordinated, and streamlined approach to our operations that has put us on track to exceed our initial goal of $5.5 billion in savings as well as improved our direct-to-consumer operating income by roughly $1 billion in just three quarters. While there is still more to do, I’m incredibly confident in Disney’s long-term trajectory because of the work we’ve done, the team we now have in place, and because of Disney’s core foundation of creative excellence and popular brands and franchises,” explained Iger.

Fibre2Fashion News Desk (RR)

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