Wall Street Turns Its Back on Disney's Streaming Profit Milestone | Analysis [Yahoo! Finance]
Warner Bros. Discovery, Inc. - Series A (WBD)
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Source: Yahoo! Finance
Hulu — the first time those two entertainment streamers ended a quarter in the black, the company said Tuesday. Yet despite hitting the milestone two quarters ahead of schedule — and trimming its overall streaming losses by 97% — Wall Street punished Disney's stock, sending shares down more than 9%. What was going on? Disney could only declare a streaming profit without including ESPN+, which continues to struggle, losing $65 million in the quarter. And Disney said its overall streaming business would still be unprofitable in its next quarter and not truly turn the corner until the fourth quarter or more likely next year. Some analysts also pointed to a new reality setting in for Disney: The once high-flying company, which was a hit machine in the heyday of Marvel superhero fever, may be settling into a sustained period of slower, but steady, growth. “We've said all along our path to profitability will not be linear,” Disney CEO Bob Iger told analysts on Tuesday. “While we're
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