 Disney shares drop by 9% after subscriber loss

Disney shares fell by nearly 9% on Thursday after it reported a loss of four million subscribers in the most recent quarter for its streaming service, Disney+.

The company profit and revenue for the period were in line with Wall Street estimates.

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Price increases led to a narrowing of operating losses at the streaming unit by $400 million for the fiscal second quarter.

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Analysts at SVB MoffettNathanson lowered their price target for the stock by $3 to $127 following the report but maintained the firm's outperform rating.

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Disney CEO Bob Iger is overseeing a broad restructuring at the company, including about 7,000 total job cuts, which are planned to be completed before summer.

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