Disney shares are down 8% in heavy trading, extending a selloff that started yesterday after the media conglom posted weaker than expected earnings and streaming data for the September quarter. The…
The dip in the shares, changing hands at about $161, is weighing on the broader market. Disney is one of only 30 highly selective, heavyweight stocks included in the Dow Jones Industrial Average so a big move like today’s has an impact, pulling the index lower.
Disney+ growth slowed for the fiscal fourth quarter, adding 2.1 million subscribers to hit 118.1 million. That’s 10M less than it added in the prior quarter. On a call with analysts and an appearance on CNBC, CEOsaid the streamer is still on track to meet its longer-term 2024 FY targets in large part as it pushes into new markets and continuing to roll out fresh content based on Disney franchises.
“We wonder if Disney+ is too narrow a product and requires much greater investment in non-Disney content to widen out the product’s appeal,” said MoffettNathanson analysts. Wall Streeters and industry players have consistently praised Disney’s track record in successfully growing Disney+ from zero to 118 million, the question is what’s next.consistent with the recent experience at Netflix, where the growth slumber created by thedropped in the last few months of this year,” the firm said.
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