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The Walt Disney Company (NYSE: DIS ) announced its 2023 first-quarter results Wednesday after regular trading hours, reporting a decline in adjusted earnings despite a rise in profits.
The Burbank-based entertainment behemoth said adjusted profit fell 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.
Revenue grew 8% year-over-year to $23.5 billion in the first three months of 2023. Media & entertainment and parks & experiences revenue increased.
Check out this space to read management/analyst commentary on Walt Disney’s Q1 2023 results
“We believe the work we are doing to reinvent the company in terms of creativity, while reducing costs, will lead to sustainable growth and profitability for the streaming business, better position it to overcome future disruptions and global economic challenges, and deliver value to our shareholders .” said Robert Iger, CEO of Walt Disney.
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