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Disney shares have dropped off the back of the entertainment giant’s quarterly earnings report
Walt Disney shares have dropped despite the entertainment giant reducing its streaming losses by $400 million.
Shares of Disney fell 4.4 per cent in after-hours trading.
A price increase and reduced marketing expenses helped improve the performance of Disney’s streaming unit.
The division ended the quarter with a loss of $659 million, compared with $1.1 billion in the prior quarter.
At the same time, total subscribers on the Disney+ service dropped by 4 million.
Most of these came from the Disney+ offering in India after it lost streaming rights to Indian Premier League cricket matches.
Disney also shed 300,000 customers in the United States and Canada, after raising prices last December.
