Disney shares slip as streaming losses narrow but some subscribers leave

Disney has reduced streaming losses by $400m from the previous quarter but has lost subscribers, the company said as it reported its quarterly earnings. Shares in the company dropped 4.4% un after-hours trading after total subscribers to its flagship Disney+ service fell by four million to 157.8 million; most of the defections came from the Disney+ Hotstar offering in India after it lost streaming rights to Indian Premier League cricket matches. Subscribers also dropped in the US and Canada. However, operating income increased by 23% year on year at its theme parks, while a new streaming service combining Disney+ and Hulu will launch, said CEO Bob Iger.