Disney+ helped its parent company beat Wall Street expectations in its first-quarter earnings report for 2023, where the streaming service saw a smaller net decrease in subscribers than predicted. The service saw its count dip to 161.8 million, as opposed to 164.2 million as of the end of December. Analysts had forecasted a drop to 157 million.
Overall, the company posted an 8% increase in revenue, but set a loss of 4% in subscription count, marking the streamer’s first loss since its launch in 2020.
“After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises,” CEO Bob Iger said in a statement.