Ahh … ya gotta love it.
The Walt Disney Company announced its latest earnings Wednesday afternoon, and things aren’t looking so good for Mickey Mouse & Co.
Disney managed a couple of positives — like lower spending in future periods and the resumption of paying a dividend — but for the most part, things are disastrous for the anti-American giant.
Once seen as immune to declining, the parks division is now losing money because of lower demand. Expectations were that Disney was going to pull in $22.51 billion in that department, however, the company announced they only pulled in $22.33.
The news that’s getting the biggest spotlight is the hefty hit that Disney+ took. Mickey and the gang announced that the streaming service has 146.1 million subscribers, which is a decline of 7.4% from the last quarter. Expectations had Disney+ with 154.8 million.
Disney missed revenue projections and saw Disney+ subscriptions drop substantially in yet another blow for the reeling entertainment company
And with ‘Haunted Mansion’ a disastrous flop and declining park demand, it’s not getting better anytime soonhttps://t.co/NSHucp5ptm
— OutKick (@Outkick) August 10, 2023
This is so beautiful, and it doesn’t stop there either.
Another reason for their missed earnings is because of their box office movies, with both “The Little Mermaid” and “Elemental” missing expectations. Heck, “Elemental” in particular was a complete flop.
Then when you shift to the stock market, that’s also tanked. In 2021, the price per share for Disney was $200, and now here in 2023, it’s listed at $87. (RELATED: 81-Year-Old Man Files Lawsuit Against Disneyland After Security Guard’s Dog Allegedly Attacks Him)
Just straight up comedy, and they deserve every single bit of it.