The Disney+ Marvel website home screen on a laptop computer in the Brooklyn borough of New York, US, on Monday, July 18, 2022.The Disney+ Marvel website home screen on a laptop computer in the Brooklyn borough of New York, US, on Monday, July 18, 2022.

Disney's message backfired on it when it told investors to focus on revenue and profit instead of streaming subscribers.

Disney added more than 12 million Disney+ subscribers in the fourth quarter. Both numbers surpassed most analyst estimates and blew away quarterly additions fromNetflix.

The streaming growth numbers may have pushed Disney shares higher. Media and entertainment executives are trying to get investors to value their companies on their profit and revenue. The numbers weren't good for Disney.

After hours, Disney's shares fell.

The Disney revenue of $20.1 billion missed the average analyst estimate by $1 billion. The streaming division of Disney lost over a billion dollars in the quarter. Disney blamed the loss on the lack of "premier access" content or theatrically released films for which it charged an extra $30 to stream.

Disney believes this quarter will be the nadir for streaming losses. Christine McCarthy, Disney's CFO, said during the earnings conference call that Disney's operating losses will be lower in the second quarter of the next fiscal year.

Disney is introducing an advertising-supported tier on December 8. Next month, the company will be increasing prices. Revenue and profit are being prioritized over subscriber growth. McCarthy said on the call that the benefits from both changes will drive Disney's revenue and profit.

Disney Chief Executive Officer Bob Chapek said in a statement that Disney+ will achieve profitability in fiscal 2024 if there is no change in the economic climate.

The company said core Disney+ subscribers would only increase slightly next quarter. The average revenue per user for Disney's India subscribers is less than that of Disney's core customers.

Disney was caught in between a previous narrative of robust subscriber growth and a current and future story about business fundamentals. They weren't forgiven.

The Disney earnings reaction is available.

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