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Disney Stock Falls on Weak Parks Outlook, TV Business Decline
Disney's adjusted earnings per share beat Wall Street forecasts for the first three months of 2024 but its stock price fell amid concerning signs.
Disney ‘s adjusted earnings per share for the March quarter beat Wall Street forecasts — but the company’s stock price stumbled amid concerning signs for the Mouse House. On the earnings call, CFO Hugh Johnston told analysts Disney has seen “some evidence of a global moderation from peak post-COVID travel” at its theme parks — and he said rising costs and inflation will likely cut into the segment’s profits. Meanwhile, revenue for Disney’s linear TV business (excluding ESPN) declined 8%, falling to $2.77 billion, while operating income fell 22%, to $752 million — below analyst expectations.
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