Streaming losses were better than last quarter, but still elevated.
Indeed, streaming remains a critical area of focus, with overall Disney+ subscribers declining by 1 percent quarter to quarter to 161.8 million, due to lower results at Disney+ Hotstar , and with U.S. and Canada essentially flat . Streaming losses, which made headlines last quarter after hitting $1.5 billion, remain elevated, with the company reporting $1.1 billion in losses in Q1.
Disney reported revenues of $23.5 billion, up 8% from a year ago, with total segment operating income of $3 billion, down 7% from a year ago. Hulu was also impacted last quarter, with slight subscriber gains offset by “higher programming and production costs and a decrease in advertising revenue.” Disney’s parks, experiences and products division continued its banner run, reporting revenues of $8.7 billion, up 21% from a year earlier. Operating income rose by 25% to $3.1 billion.
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