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Disney Stock Dips As Theme Park Comments Rattle Market; CFO Cites “Global Moderation From Peak Post-Covid Travel”
Disney shares fell nearly 10% on theme park jitters after quarterly earnings as execs talked about seeing moderation of a post-Covid travel boom.
Fireworks at Disney ’s first-quarter earnings amid a bitter proxy fight quieted down in the second and the company’s commentary on a call today, especially around the parks business, generated some investor angst and knocked the stock lower. But Disneyland, despite growing attendance and per capita spend, saw results dip year-on-year on higher costs, including labor, said CFO Hugh Johnston on an earnings call with analysts. While consumers continue to travel in record numbers and we are still seeing healthy demand, we are seeing some evidence of a global moderation from peak post-Covid travel.” Wall Street didn’t quite know what to do with that.
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