Walt Disney Co (NYSE:DIS) stock rose 2.65% (As on August 10, 11:21:50 AM UTC-4, Source: Google Finance) after the company exceeded Wall Street’s estimates on adjusted per-share earnings and said it was on track to cut costs by more than the $5.5 billion it promised investors in February. But the company missed Wall Street targets for revenue and fell slightly behind expectations on U.S. subscribers of Disney+, though it has significantly trimmed its losses. Disney’s traditional television business continued its decline, with lower revenue and operating income across the company’s broadcast and cable TV business. Higher sports programming production costs, together with lower affiliate revenue, dragged down the performance of its cable channels. TV revenue for the quarter decreased 7% to $6.7 billion, while operating income fell 23% to $1.9 billion. Disney’s direct-to-consumer business reported a 9% increase in revenue to $5.5 billion, as the average revenue per subscriber rose at Disney+ and Hulu. Content sales and licensing, the unit that includes film and television sales, reported a deeper operating loss of $243 million in the quarter, compared with a loss of $27 million a year ago. The quarter included the release of “Guardians of the Galaxy Vol. 3,” which performed less well at the box office than the prior year’s “Doctor Strange in the Multiverse of Madness.” Also released during the most recent quarter was the live-action remake of “The Little Mermaid,” which disappointed.

Disney said it cut losses at its streaming video services to $512 million in its fiscal third quarter, narrower than its loss of about $1.1 billion a year ago. It added 800,000 Disney+ subscribers, 100,000 subscribers shy of analyst estimates, and shed 12.5 million subscribers to the Disney Hotstar service in India, or nearly a quarter of its subscribers, as it gave up rights to Indian Premiere League cricket matches.

DIS in the second quarter of FY 23 has reported the adjusted earnings per share of $1.03, beating the analysts’ estimates for the adjusted earnings per share of 95 cents, according to Refinitiv data. The company had reported the adjusted revenue growth of 4 percent to $22.33 billion in the second quarter of FY 23, missing the analysts’ estimates for revenue of $22.5 billion. The company took $2.65 billion in impairment and restructuring charges in the quarter, reflecting the cost of removing some content from its streaming services, terminating licensing agreements and $210 million in severance payments to laid-off workers.