Walt Disney (DIS) Shares Plummet Over 9% Following Disappointing Quarterly Results: A Financial Analysis
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- Walt Disney Co. shares experienced a significant drop of over 9% on Tuesday morning after the company announced its quarterly financial results and forecasts for the current quarter.
- The company’s direct-to-consumer business, including Disney and Hulu, posted a quarterly operating income of $47 million, a significant improvement from a loss of $587 million a year earlier.
- Despite the stock tumble, Disney’s chief executive officer Bob Iger expressed optimism about the company’s turnaround and growth initiatives.
Walt Disney Co. shares tumble following quarterly financial results announcement, yet the company’s direct-to-consumer business shows significant improvement.
Disney Shares Take a Hit
On Tuesday morning, Walt Disney Co. shares took a significant hit, tumbling more than 9% in New York. This followed the media giant’s announcement of its quarterly financial results and forecasts for the current quarter. By 11:48 a.m. EDT, the Walt Disney stock was at $104.90, lower by 9.93%.