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Disney+ Loses More Subscribers

Disney+ Loses More Subscribers

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Disney+ Loses More Subscribers

Mixed financial earnings for Walt Disney (NYSE: DIS) caused shares of the media giant to decline by 4.79% in after-hours trading on Wednesday.

Financials: Disney reported earnings of 93 cents per share in the past quarter, which was lower than expected. Revenue hit $21.81 billion, which was expected.

Details: Disney lost $659 million in its direct-to-consumer unit, which was better than the same period last year. Revenue for Parks, Experiences and Products grew 17%.

But: The streaming service Disney+ lost about 2% of its subscriber base in the past quarter, down to 157.8 million. This is the second consecutive quarter of Disney+ subscriber declines. And while revenue per Disney+ user in North America jumped 20%, revenue for India-based Disney+ Hotstar declined by 20%.

Stock Price: Disney’s stock is up 13% this year, but is flat in the last 30 days.

Final Thoughts: While there are exciting plans for the streaming platform Hulu to be integrated into Disney+, investors are concerned about Disney. Two big concerns include the writer’s strike and the feud that Disney currently has with the governor of Florida.

Notables

Notable Earnings Today: JD.com (Nasdaq: JD), SoundHound AI (Nasdaq: SOUN), Fiverr (NYSE: FVRR), Indie Semiconductor (Nasdaq: INDI), Krispy Kreme (Nasdaq: DNUT), Sanmina (Nasdaq: SANM), YETI Holdings (NYSE: YETI), IONQ (NYSE: IONQ), CyberArk Software (Nasdaq: CYBR), Cemtrex (Nasdaq: CETX), Kopin (Nasdaq: KOPN), 8x8 (Nasdaq: EGHT), Tapestry (NYSE: TPR), Ouster (NYSE: OUST), Algonquin Power & Utilities (NYSE: AQN), Sun Life Financial (NYSE: SLF), HOOKIPA Pharma (Nasdaq: HOOK), U.S. Foods (NYSE: USFD), Getty Images Holdings (NYSE: GETY), Dillard's (NYSE: DDS), Entegris (Nasdaq: ENTG), Himax Technologies (Nasdaq: HIMX), News Corp. (Nasdaq: NWSA), PerkinElmer (NYSE: PK), Utz Brands (NYSE: UTZ).

Notable IPOs Today: Southern California Bancorp Common Stock (Nasdaq: BCAL), Bridges Capital Tactical ETF (Nasdaq: BDGS), Tidal Trust II (NYSE Arca: NVDY).

Notable Equity Crowdfunding Campaigns Ending Today: Avadain (Netcapital).

Notable Economic Events Today: Jobless Claims (8:30 a.m. ET), PPI / Core PPI (8:30 a.m. ET).

Beyond Meat's "Near-Term Uncertainty"

Photo by Joshua Kantarges / Unsplash

Despite posting better-than-expected financial results, shares of Beyond Meat (Nasdaq: BYND) dropped by 2.16% in after-hours trading on Wednesday.

Financials: Beyond Meat reported a loss of 92 cents per share in the past quarter and revenue of $92.2 million; both were better than expected.

Outlook: The company said that it is “affected by near-term uncertainty” from inflation, higher interest rates, the likelihood of recession and supply chain disruptions.

Final Thoughts: Beyond Meat’s stock is basically flat in 2023. Investors are worried about demand in the plant-based meat industry.

Robinhood Finds a Way to Grow

Robinhood Markets (Nasdaq: HOOD) jumped 3.09% in after-hours trading on Wednesday after reporting improved financial results.

Details: Revenues jumped 16% in the past quarter, with big increases for the options and equities products. The cryptocurrencies unit saw a slight decrease.

Final Thoughts: Robinhood is up 12% this year. The financial services company is trying to position itself for success because the public markets are up in 2023.

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