In light of a pessimistic quarterly report from Paramount, Bill Baruch, president of Blue Line Futures said he’ll keep an eye out on Disney ‘s earnings Wednesday after the bell. Baruch said he sees the media giant reporting a decline in year-over-year earnings and revenue growth. “So that’s already being baked into the cake,” Baruch said Tuesday. “Ultimately, subscriber growth rebounding is going to be the key thing,” referring to the company’s streaming platform Disney+. He noted that Disney+ lost 2.4 million subscribers last quarter after losing a subscription deal in India. However, he said Disney is now expected to bring back 2.2 million subscribers for Disney+, 716,000 subscribers for ESPN and about 300,000 Hulu subscribers. “Bringing those subscribers back we’ll get them on pace for getting about 10 million subscribers in the current year and that’s going to be crucial,” he said. “Not only that, [but also] how much is the revenue per subscriber which is expected to pick up from about $3.93 to $4.36.” To be sure, Baruch admitted that the mood in the streaming sector has been negative after Paramount Global missed on earnings and cut its dividends by more than 75%. He notes that Paramount’s struggles are a sign of how the streaming space has become more compact. “Ultimately, it’s going to trickle into consolidation. Disney and Netflix are going to be the beneficiaries of that consolidation,” Baruch said. He added he is keeping an eye out for if Disney offers guidance as to if it will raise or reestablish its dividend later in 2023. The investor said he favors staying long Disney shares as long as they remain at least above $90. Disney shares have popped more than 18% in 2023 and were above $100 on Tuesday. See the video above for Baruch’s perspectives on investing in Disney ahead of its earnings report on Wednesday after the bell.
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