Disney posted a quarterly earnings beat and announced a new company structure as it aims to streamline the business and reduce costs. The restructure will consist of three core business units: Entertainment, Parks, and ESPN. Some 7,000 jobs will be eliminated as part of the new structure.
The media giant’s adjusted earnings per share for its latest quarter of 99 cents came in above Street estimates of 74 cents. Subscribers for the steaming service Disney+ came in at 161.8 million versus estimates of 164 million. The company’s streaming losses narrowed more than expected to $1.1 billion.
Disney shares jumped more than 6% in after-hours.
Affirm’s second-quarter loss per share of $1.10 came in higher than the 82 cents loss expected by Wall Street analysts.
The buy-now-pay-later company’s revenue of $399.6 million came in below Street estimates of $416.9 million.
Affirm said it will layoff 19% of its staff as it aims to cut costs. Shares were sinking 16% in after-hours.
Robinhood Markets (HOOD)
Robinhood announced fourth-quarter revenue of $380 million, coming in below $389 million expected by Wall Street analysts. The trading platform’s adjusted loss per share of 11 cents was in line with estimates.
Robinhood’s co-founders Vlad Tenev and Baiju Bhatt canceled nearly $500 million of their share-based compensation.
Shares jumped after the results were released. Year to date the stock is up 28%.
The toymaker’s shares sank after posting weaker-than-expected guidance.
Mattel sees 2023 adjusted earnings per share between $1.10 and $1.20, versus Wall Street expectations of $1.65.
Ines is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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