Walt Disney+1.06%
Disney misses on top, bottom line despite subscribers' gain
The Walt Disney Company said Tuesday that its revenue in the fourth quarter of its fiscal 2022 increased by 9% to $20.15 billion year over year, lower than forecasted by analysts. On the other side, revenue for the full fiscal 2022 rose by 23% to $82.7 billion.
Meanwhile, the company declared that its diluted earnings per share (EPS) for Q4 remained flat at $0.09 compared to the same period a year earlier, and for 2022 the EPS increased by 58% to $1.75. Net income for the quarter edged by 1% to stand at $162 million, and for the entire year jumped 58% to $3.2 billion. Despite its drop in top and bottom lines according to expectations, Disney+ added 12.1 million subscriptions during the period, resulting in the platform's total subscriber base of 164.2 million, above the 160.45 million expected by analysts.
"The rapid growth of Disney+ in just three years since launch is a direct result of our strategic decision to invest heavily in creating incredible content and rolling out the service internationally," said CEO Bob Chapek. Immediately after the publication of the results in after-hours trading, Disney's shares plummeted by 6.17% to sell for $93.63.