The Walt Disney Company announced during Wednesday’s earnings call that they made approximately $21.8 billion in revenue during the second quarter of 2023.
Their adjusted earnings per share (EPS) was $0.93, a decrease from $1.08 in last year’s quarter.
Disney’s second fiscal quarter ran from January 1 to April 1, 2023.
“We’re pleased with our accomplishments this quarter, including the improved financial performance of our streaming business, which reflect the strategic changes we’ve been making throughout the company to realign Disney for sustained growth and success,” said Bob Iger, CEO of The Walt Disney Company. “From movies to television, to sports, news, and our theme parks, we continue to deliver for consumers, while establishing a more efficient, coordinated, and streamlined approach to our operations.”
Disney Parks reported $7.78 billion in revenue during quarter two and Disney+ lost 4 million subscribers (but the financial performance of streaming did improve, as Iger said).
During this quarter, Disney released Marvel’s “Ant-Man and the Wasp: Quantumania” and most of “The Mandalorian” season 3. In Disneyland Resort, they kicked off the Disney 100 Years of Wonder celebration honoring the 100th anniversary of The Walt Disney Company.
They also laid off thousands of employees, part of a plan to cut 7,000 jobs that CEO Bob Iger announced during the Q1 earnings call. CFO Christine McCarthy said that the company has targeted cost savings of $5.5 billion.
The Walt Disney Company Layoffs
Executives at The Walt Disney Company were asked by Iger to identify thousands of potential layoff candidates in an effort to cut nearly $5.5 billion in costs. Iger is reportedly on “a push for profitability” as his return to the company continues and the letting go of executives is reportedly just the start.
The first round of layoffs began in late March. Senior Vice President of Production for Hulu, Mark Levenstein, and Senior VP of Production Management & Operations For Freeform, Jayne Bieber, were among the first executives to be let go. Also laid off was VP of Corporate Communications for The Walt Disney Company, Jeffrey R. Epstein, and Marvel Entertainment Chairman, Ike Perlmutter. Disney’s “Metaverse” team was also terminated.
20th Digital Studio was dissolved and D23 was hit with significant layoffs.
The company’s restructuring comes after previous CEO Bob Chapek was fired last November. Though many changes were made within the company immediately after his exit, the stock price continued to be an issue. The majority of job cuts waited until after the April 3 shareholders meeting.
An additional, final round of layoffs will take effect before the start of summer 2023.
The layoffs are not set to affect regular theme park employees. Approximately 28,000 Cast Members were already laid off during the onset of the COVID-19 pandemic.
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