DIS - Why Disney Stock Soared More Than 11% This Week
2024-02-09 18:00:00 ET
Shares of Walt Disney (NYSE: DIS) surged this week, jumping as much as 13.4%, according to data supplied by S&P Global Market Intelligence . By the time the market closed on Friday, the stock was still up 11.6%.
The catalyst that sent the media company higher was Disney's quarterly-financial results and a number of ancillary announcements that put the magic back in the stock.
For its fiscal 2024 first quarter (ended Dec. 30), the company reported revenue of $23.5 billion, which was flat year over year. While that might not seem like reason to celebrate, the company's cost cutting measures boosted profitability, as adjusted earnings per share (EPS) jumped 23% to $1.22. Disney said it is on track to "meet or exceed" its cost cutting goal of $7.5 billion by the end of fiscal 2024.
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Why Disney Stock Soared More Than 11% This Week