“While certain macroeconomic factors are beyond our control, meeting these goals requires that we all continue to do our part to manage the things we can control, particularly our costs,” Chapek wrote in the memo.
The move came after Disney missed Wall Street estimates for quarterly profit last Tuesday as the entertainment giant racked up more losses from its push into streaming video, which it refers to as its business. direct to consumer (DTC). Shares of the company fell more than 13% on Wednesday after its results.
Disney has said the fast-growing service added 12 million subscribers in its fiscal fourth quarter but reported an operating loss of nearly $1.5 billion. The company said Disney+ would be profitable in fiscal 2024, with losses peaking in the quarter.
The streaming service is known for original series including “Star Wars” entries “The Mandalorian,” “Andor” and “Obi-Wan Kenobi,” Marvel entries “WandaVision,” “Hawkeye” and “She-Hulk.” : Attorney at Law,” and content hubs for Disney, Pixar, Marvel, and “Star Wars” movies.
