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Walt Disney’s shares declined sharply on Wednesday after the company reported its earnings for the second quarter ended March 2023.

During the quarter, total Disney+ subscribers declined by 4 million from the previous quarter to 157.8 million, according to the company. Disney lost three lakh customers in the United States and Canada, where it raised prices last December.

However, the entertainment company reduced streaming losses by $400 million from the previous quarter, in line with Wall Street expectations.

A price increase and reduced marketing expenses helped improve the performance of Disney’s streaming unit from January through March. The division ended the quarter with an operating loss of $659 million, compared to $1.1 billion in the earlier quarter.

Disney’s diluted earnings per share came in at 93 cents. Revenue hit $21.82 billion, slightly above analyst projections of $21.79 billion.

The shares of Disney plunged 4.76% to $96.33 during after-hours trading.

The company’s chief executive, Bob Iger, said, Disney plans to expand its streaming offerings by the year end, with a new app that combines the family-friendly Disney and the Hulu general entertainment services.

(With inputs from Livemint and Reuters)