Disney Falls Most in 11 Months After Streaming Growth Falters
Bloomberg 2 hrs ago Christopher Palmeri and Emily Chang
(Bloomberg) Walt Disney Co. tumbled the most in almost 11 months Friday after saying it attracted fewer streaming customers than expected last quarter, stoking fears that a key engine of the century-old company’s transformation may be losing some momentum.
Popular Searches
The entertainment giant on Thursday reported 103.6 million Disney+ customers at the end of last quarter, shy of the 110.3 million projected in the Bloomberg Consensus. The shares fell as much as 5.4% in New York trading Friday, the biggest decline since June 24.
The results marked a rare stumble for Disney+, which has enjoyed explosive growth over the past year and a half, elating investors along the way. After its launch in November 2019, the service quickly became a formidable rival to Netflix Inc. and provided a contrast to pandemic-fueled declines in other Disney bu