Disney (DIS) reported fiscal fourth quarter earnings after the bell on Wednesday that beat expectations as the company increased its annual cost cutting goal to $7.5 billion, up from the previous $5.5 billion set in February. That includes a $4.5 billion annualized cut to content spending, up from the prior $3 billion.
The company’s streaming figures came in much strong than expected with nearly 7 million core Disney+ net additions, compared to consensus calls of 2.68 million.
Streaming losses narrowed to $387 million from a loss of $1.41 billion in the prior year period after the company raised streaming prices for the second time this year, upping the monthly price of its ad-free Disney+ and Hulu plans by more than 20%.
Analysts polled by Bloomberg had expected direct-to-consumer losses to mount to $454 million in the quarter. The company previously reported a loss of $512 million in…
