“Our results this quarter reflect the significant progress we’ve made over the past year,” CEO Bob Iger said in a statement. After raising prices, revenue at Disney+, Hulu and related streaming services that don’t include ESPN+ jumped 12% last quarter, and its loss narrowed to $420 million, down from $1.4 billion in the same quarter a year earlier. Meanwhile, the company continues to lose money in its Disney+ streaming business, but it managed to significantly reduce its losses in that division. CEO Bob Iger suggested on a call with investors that the cuts would come primarily from its struggling linear TV business.
The company said there were no further plans for layoffs. The company announced it would slash expenses by another $2 billion, adding to the $5.5 billion reduction it had previously announced, which included thousands of job cuts. Disney said it would continue to dramatically cut costs as it looks to rebuild its business in a rapidly changing media environment.
