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The Walt Disney Company released its quarterly earnings report on Wednesday, hours before Disney CEO Bob Iger’s first quarterly earnings call since returning to replace Bob Chapek.
While Disney+ saw a drop in subscribers, other facets of The Walt Disney Company thrived. According to a report from Nexstar reporter Scott Gustin, Disney Theme Parks saw $2.1 billion in profits, up 35% from last year.
“After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises,” Iger wrote.
NEW: Disney’s earnings beat. Theme parks delivered $2.1 billion in profit, up 35% from last year. $DIS Q1 EPS $0.99 Adj. vs. $0.78 Est. Q1 Revs. $23.51B vs. $23.37B Est. Disney+ lost 2.4M subscribers in Q1
“After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company.
“After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company.
— Scott Gustin (@ScottGustin) February 8, 2023
Much of the financial success can of the Disney Parks be attributed to upcharges like Disney Genie Plus and Individual Lightning Lanes. Though these features are exclusive to Walt Disney World Resort and Disneyland Resort, international destinations have their own versions. Disneyland Paris, Shanghai Disney Resort, Hong Kong Disney Resort, and Tokyo Disney Resort offer Disney Premier Access at varying prices.
Still, Disney Parks did return some freebies to Guests in late 2022. At Disneyland Resort, PhotoPass attraction downloads are now complimentary to celebrate Disney100. And Walt Disney World Resort hotels once again offer free parking to overnight Guests. Interestingly, Chairman of Disney Parks & Resorts Josh D’Amaro explicitly warned Disney Park fans not to credit these changes to Iger.
Iger warned fans that he couldn’t please everyone. Though the returned CEO plans to stay out of politics, he aims to defend The Walt Disney Company’s values. He also plans to move forward with Chapek’s promised layoffs as tensions rise with Walt Disney World Resort Cast Member unions.
Follow along with Inside the Magic as we report updates from The Walt Disney Company’s quarterly earnings call on February 8, 2023.
Do you think The Walt Disney Company CEO Bob Iger is improving Walt Disney World Resort and Disneyland Resort?
