Why Disney Stock Plunged Today
Shares of Walt Disney (NYSE: DIS) sank on Wednesday after the entertainment giant reported a profit shortfall and warned of slowing growth in the year ahead. As of 3:30 p.m. ET today, Disney's stock price was down more than 12%.
Disney's revenue rose 9% year over year to $20.1 billion in its fiscal fourth quarter, ended Oct.1, as more people returned to its theme parks and subscribed to its streaming services. Wall Street, however, was expecting the company to generate more than $21.2 billion in sales.
Disney+ subscriber growth was one of the few bright spots in the media titan's earnings release. It added 12.1 million Disney+ subscribers and a total of 14.6 million subscriptions across all its streaming offerings, which include Hulu and ESPN+.
Source Fool.com
