Disney posted an increase in quarterly earnings and announced a new company structure as it aims to streamline the business and reduce costs. The restructuring will consist of three main business units: Entertainment, Parks and ESPN. Some 7,000 jobs will be cut as part of the new structure.
The media giant’s adjusted earnings per share for its latest quarter of 99 cents beat Street estimates of 74 cents. Subscribers to the streaming service Disney+ reached 161.8 million versus estimates of 164 million. The company’s transmission losses were cut more than expected to $1.1 billion.
Disney shares rose more than 6% in hours afterward.
Affirm’s second-quarter loss per share of $1.10 exceeded the 82-cent loss expected by Wall Street analysts.
Revenue of $399.6 million from the “buy now, pay later” company fell short of Street’s estimates of $416.9 million.
Affirm said it will lay off 19% of its staff as it aims to cut costs. The shares sank 16% in later hours.
Robin Hood markets (HOOD)
Robinhood announced fourth-quarter revenue of $380 million, below the $389 million expected by Wall Street analysts. The trading platform’s adjusted loss per share of 11 cents was in line with estimates.
Robinhood co-founders Vlad Tenev and Baiju Bhatt have canceled nearly $500 million of their stock-based compensation.
Shares rose after the results were released. So far this year, the shares are up 28%.
Mattel (MAT)
Shares of the toymaker plunged after publishing weaker-than-expected guidance.
Mattel sees 2023 adjusted earnings per share between $1.10 and $1.20, versus Wall Street expectations of $1.65.
Inés is a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre
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