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   LOS ANGELES, May 10 (Reuters) - Walt Disney Co (DIS.N) reduced streaming   
   losses by $400 million from the prior quarter but also shed subscribers,   
   the company reported on Wednesday as quarterly earnings landed in line   
   with Wall Street expectations.   
      
   Shares of Disney fell 4.4% in after-hours trading.   
      
   A price increase and reduced marketing expenses helped improve the   
   performance of Disney's streaming unit from January through March. The   
   division ended the quarter with an operating loss of $659 million,   
   compared with $1.1 billion in the prior quarter.   
      
   At the same time, total subscribers to the flagship Disney+ service   
   dropped by 4 million to 157.8 million.   
      
   Most of the defections came from the Disney+ Hotstar offering in India   
   after it lost streaming rights to Indian Premier League cricket matches.   
   Disney also shed 300,000 customers in the United States and Canada, where   
   it raised prices last December.   
      
   Analysts had expected Disney would add more than 1 million customers in   
   the quarter, Insider Intelligence analyst Paul Verna said.   
      
   Wall Street has been pressuring media companies to make profits from the   
   billions of dollars they have poured into streaming in recent years to   
   compete with Netflix Inc (NFLX.O).   
      
   Still, investors appear "fixated on subscriber net additions," said PP   
   Foresight analyst Paolo Pescatore. "Striking a fine balance between   
   customer acquisition versus financial performance is no easy feat."   
      
   Inge Heydorn, a fund manager at GP Bullhound, said a question for   
   investors is: "are the trade offs from lower marketing costs leading to   
   lower subscribers?"   
      
   Overall, Disney's diluted earnings per share came in at 93 cents, meeting   
   the consensus forecast of analysts polled by Refinitiv. Revenue hit $21.82   
   billion, slightly above analyst projections of $21.79 billion.   
      
   Reuters Graphics   
   Reuters Graphics   
   The company's theme parks kept humming with visitors, with growth at its   
   Shanghai Disney Resort, Disneyland Paris and Hong Kong Disneyland Resort   
   helping lift operating income at the unit by 23% from a year earlier to   
   $2.2 billion.   
      
   Reuters Graphics Reuters Graphics   
   Reuters Graphics Reuters Graphics   
   The entertainment giant plans to expand its streaming offerings by year's   
   end with a new app that combines the family-friendly Disney+ and the Hulu   
   general entertainment service, Chief Executive Bob Iger said.   
      
   The new app will streamline the viewing experience for subscribers and   
   open more opportunities for advertisers, Iger said. An ad-supported option   
   also will be added to Disney+ in Europe by year's end.   
      
   "We've only just begun to scratch the surface of what we can do with   
   advertising on Disney+," Iger said on a conference call with analysts.   
      
   Iger, who came out of retirement in November to tackle the company's   
   challenges, announced a revamp in February that included a promise of   
   eliminating $5.5 billion in costs, partly through 7,000 job cuts.   
      
   On Wednesday, Iger said the company would exceed the $5.5 billion figure.   
      
   As Disney tries to build streaming, its traditional television business   
   faces hurdles. Operating income at linear networks dropped 35% from a year   
   earlier to $1.8 billion, partly from higher sports programming and   
   production costs related to the College Football Playoffs and the NFL at   
   ESPN, and lower advertising revenue at ABC and at its owned television   
   stations.   
      
   Iger addressed the ongoing legal battle with Florida Governor Ron   
   DeSantis, asking if local politicians want Disney to expand its presence   
   in the state.   
      
   "The question is, does the state want us to invest more, employ more   
   people and pay more taxes, or not?" Iger said during the company's   
   investor call.   
      
   Reporting by Lisa Richwine and Dawn Chmielewski in Los Angeles Additional   
   reporting by Chavi Mehta in Bengaluru Editing by Matthew Lewis   
      
   https://www.reuters.com/business/media-telecom/disney-cuts-streaming-   
   losses-resurgent-parks-boost-results-2023-05-10/   
      
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