Numbers do not lie… and in the case of the Walt Disney Company, there is cause for worry.
On Wednesday, May 10, the Second Quarter results were revealed to the public after the market closed for the day. With the numbers came an announcement from Disney’s CEO, Bob Iger, who provided some extra context to the data. The end of the second quarter reports was a massive moment for the company and for Iger. The world was eager to see if Iger could turn around the company’s financial struggles as hoped.
Unfortunately, it seems the public does not feel too confident in Disney after Wednesday’s reports. Disney Stock had a significant decline on Thursday, signifying that many may be losing hope in the Walt Disney Company.
Disney (DIS) Stock Down After Wednesday’s Numbers
This is not the news that Disney needed.
Many fans will be shocked to hear that on Thursday, May 11, Disney’s stock dropped a staggering 9%. At the market’s close, DIS settled at an 8.7% decrease. This drop is huge; the largest Disney has experienced in six months. While Disney’s supporters may be stunned by this news, most people could have seen this coming.
This quarterly report was huge for CEO Bob Iger, whose name has been in the news for various reasons. Amidst Disney’s mass layoffs and the lawsuits in Florida, Iger needs to boost morale with stockholders. Unfortunately, that was not accomplished as well as desired.
Will Iger Turn It Around
Many people were shocked to hear in the report that in the last quarter, Disney had dropped 4 million subscribers on their Disney Plus streaming platform. Many people were shocked to hear this, and many blame Disney’s “woke agenda” for causing the subscriber drop. Iger remained positive about the company’s streaming situation, saying:
“We’re pleased with our accomplishments this quarter, including the improved financial performance of our streaming business, which reflect the strategic changes we’ve been making throughout the company to realign Disney for sustained growth and success. From movies to television, to sports, news, and our theme parks, we continue to deliver for consumers, while establishing a more efficient, coordinated, and streamlined approach to our operations.”
It will be fascinating to see if Disney can recoup this drop in the stock market and get back on track to financial prosperity.