**The Walt Disney Company (DIS) Stock Price Falls After Q1 Earnings Miss**

**New York, U.S.**

**May 11, 2023**

**The Walt Disney Company (NYSE: DIS) reported its Q1 2023 earnings on Tuesday that missed analyst estimates. The stock price plunged 6% in after-hours trading.**

The company reported earnings per share of $1.08, below the consensus estimate of $1.18. Revenue also came in below expectations, at $21.8 billion compared to the $22.1 billion estimate.

Disney's media and entertainment distribution revenue declined 3% to $12.7 billion, hurt by a 2% decrease in cable network revenue. Content sales and licensing revenue also fell 11% to $2.7 billion.

The company's parks, experiences, and products revenue increased 23% to $7.4 billion, driven by higher attendance at its theme parks. However, operating income for the segment declined 21% to $1.9 billion.

Disney+ added 8.7 million subscribers during the quarter, bringing its total to 161.8 million. However, the company's streaming business continues to lose money, with an operating loss of $1.1 billion in Q1.

Following the earnings report, analysts at Goldman Sachs downgraded Disney's stock to "neutral" from "buy." The firm cited concerns about the company's streaming business and the impact of the current economic environment on its theme park business.

"We believe that the current macroeconomic environment is likely to weigh on Disney's theme park business, particularly in the international markets," Goldman Sachs analyst Brett Feldman wrote in a note to clients.

Disney's stock price has fallen 20% year-to-date, underperforming the S&P 500 index, which is down 10% over the same period.