DIS - Why Disney Stock Fell Hard on Tuesday
2024-05-07 12:07:01 ET
Disney (NYSE: DIS) investors were wishing for a better performance early Tuesday. The entertainment giant's stock trailed the market by a wide margin, falling 10% through early morning trading compared to a modest increase in the S&P 500. That decline wasn't enough to erase all its 2024 gains, though, as the stock remains higher by 16% year to date.
Tuesday's drop was sparked by Disney's fiscal Q2 update that wasn't well received on Wall Street.
The big-picture results were solid. Disney reported modestly higher sales as revenue ticked up to $22.1 billion from $21.8 billion a year ago. That's a bit below the $22.14 billion that most Wall Street analysts were expecting from the business . Yet, Disney still managed to offset its shrinking TV broadcasting unit with strong growth at its theme parks division and across its digital entertainment empire.
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Why Disney Stock Fell Hard on Tuesday