The Walt Disney Co. reported record quarterly revenue Tuesday, but the stock headed lower in after-hours trading as expectations for record-breaking movie profit and higher earnings and sales failed to materialize and executives blamed a large acquisition.
Shares dropped more than 4% in immediate trading following the release of the results. Disney stock has been trading at record highs recently, after hitting record prices around the opening of “Endgame.” The stock closed Tuesday at $141.87, up 29.4% this year as the Dow Jones Industrial Average DJIA, +1.21% — which counts Disney as a component — has gained 10.3%. Disney’s market cap at the closing price topped $255 billion, according to FactSet.
“I’ve been doing earnings calls for a long time, and this is one of our more complicated ones,” Iger said. The film business was not Disney’s largest, with higher sales totals for its television networks and theme parks. Disney reported $6.71 billion in revenue from its TV properties and $6.58 billion from the theme parks, which launched a new “Star Wars”-themed attraction in the quarter. Disney also reported $3.86 billion in direct-to-consumer and international sales — the only business that recorded an operating loss, as Disney spends on its coming streaming service.
This is why capitalism sucks...they made a shit ton of $$, but that’s not what matters....instead of working harder, they’ll cut projects and have layoffs...
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