Entertainment giant Walt Disney (DIS:NYSE) is scheduled to report third quarter earnings on 9 August with analysts forecasting $22.49 billion revenue (Q3 2022: $21.5 billion) and $0.99 earnings per share (Q3 2022: $1.09).

The $158 billion group, which combines content production, streaming services, theme parks and licencing, reported a 13% increase in revenue to $21.8 billion in the second quarter compared to the same period a year earlier. However, subscribers at its streaming operation Disney+ shrank by 4 million to 157.8 million, which compares with 238 million subscribers at Netflix (NFLX:NYSE).

Chief executive Bob Iger originally planned to stay at Disney until 2024 but recently extended his contract to 2026. Since returning to the company last year, he’s focused on cost-cutting, restructuring, improving staff morale and finding a successor for the top job.

Another key priority is making Disney+ profitable, which Iger hopes to achieve by the end of the 2024 financial year. Disney+ launched in 2019 and its original goal was to ‘flood the digital shelves with as much content as possible’.

After rallying at the start of the year, shares in Disney have been drifting downwards for the past six months as investors question if Iger’s turnaround programme could take longer than previously expected to execute.

US UPDATES OVER THE NEXT 7 DAYS

QUARTERLY RESULTS

August 4: Enbridge, Dominion Energy, Fisker

August 7: Berkshire Hathaway, Tyson Foods, Palantir, IFF, Tyson Foods, Beyond Meat

August 8: Eli Lilly, United Parcel Services, Softbank, Datadog, Restaurant Brands, Sun Life Financial, Bentley, Warner Music, Endeavor, Duolingo, Squarespace, Seaworld Entertainment

August 9: Walt Disney, Manulife Financial, Illumina, Roblox

August 10: Ralph Lauren, Krispy Kreme

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