Disney CEO Bob Iger spoke on the company's third-quarter earnings release. Iger highlighted the quarter's successes as well as implying that Disney would follow suit in Netflix's decision to crack down on password sharing. Yahoo Finance Live breaks down the story.

Video Transcript

AKIKO FUJITA: And Seana, that earnings call continuing to play out right now. You pointed to the losses that we've seen in the after hours since those numbers came out. Down over 1 and 1/2%, you ran through some of those headlines that we've gotten off that call, also Disney saying it's going to be cracking down on password-sharing following Netflix's lead.

CEO Bob Iger talking or kicking off the call by talking about some of the progress Disney has made since his return to the company in November. Take a listen.

BOB IGER: In the eight months since I returned, we've undertaken an unprecedented transformation at Disney, and this quarter's earnings reflect some of what we have accomplished. First, the company was completely restructured, restoring creativity to the center of our business. We made important management changes and efficiency improvements to create a more cost-effective, coordinated, and streamlined approach to our operations.

AKIKO FUJITA: So Bob Iger there speaking on the call that is ongoing right now. But you know, when we were talking to our guest earlier, Seana, from Bloomberg Intelligence, really, you know, saying that at the end of the day, sure, the subscriber numbers are important, but this is a company that is trying to cut some of the fat here, cut some of the losses. In that way, you could argue that at least the results that we got today point to signs of progress.

SEANA SMITH: Yeah. Certainly. And Geetha, who we were speaking with earlier, the analysts there, certainly saying that there's a lot to be excited about in this report when we take into account all the cost cutting efforts that includes the layoffs that happened earlier this year. It certainly seems like Disney is taking steps in the right direction, that Iger's vision here for Disney going forward starting to take some shape.

We also got some headlines in the call about pricing and how exactly that's going to fit in to Disney's overall vision for its streaming business as it does look to continue to cut the losses that we still see in this business, although narrower than expected losses here for the most recent quarter just over 500 million. The street was bracing for losses of $777 million.

We also heard, Akiko, Bob Iger talking about their parks business and some softening of Florida's tourism markets. Let's take a listen to what he had to say.

BOB IGER: We saw softer performance at Walt Disney World from the prior year, coming off our highly successful 50th anniversary celebration. Also, as post-COVID pent-up demand continues to level off in Florida, local tax data shows evidence of some softening in several major Florida tourism markets. And the strong dollar is expected to continue tamping down international visitation to the state.

SEANA SMITH: Certainly something that we were watching out for given the fact that this really gives us a great picture of consumer spending right now, the strength of the consumer. Whether or not they're willing to pay that high price that they do have to pay to get in the parks, specifically when they're visiting a Disney's Florida parks there. But the fact that we are seeing some softening there, Disney's seeing some softening, a reason for maybe the street to be a bit cautious just about what that consumer demand could look like going into the fall.

AKIKO FUJITA: Yeah. You're dealing with a consumer like every company that is a lot more price-sensitive. We know those prices are pretty steep going into Disney's parks. So no surprise there in terms of what we're seeing, but, you know, we'll have to hear more color in terms of what their outlook looks like and how some of that pullback is likely to continue moving forward.

SEANA SMITH: And certainly we're looking at losses of just about 2% here in extended trading for Disney.