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Disney Shares Plunge Nearly 10% as Bob Iger Warns about Future Profitability, Decreases Marvel Output
 [Breitbart] Shares of The Walt Disney Company plunged more than 9 percent Tuesday morning as CEO Bob Iger signaled that Disney still faces a tough road ahead as it continues to pull itself out of its recent financial doldrums.Disney shares were down 9.6 percent after the company warned that next quarter might be softer than expected, especially when it comes to streaming, with Disney+ subscriptions expected to stagnate in the near term. CEO Bob Iger nevertheless doubled-down on streaming entertainment as the future of Disney. "We’ve said all along our path to profitability will not be linear," he told analysts on Tuesday. "While we’re anticipating a softer third quarter, due in large part to the seasonality of our Indian sports offerings, we fully expect streaming to be a growth driver for the company in the future and we have prioritized the steps necessary to achieve this." Iger obliquely acknowledged Disney’s problems at the box office, saying the studio will reduce the number of Marvel superhero titles it will release each year, bringing the number down to a "maximum" of three movies a year, plus two series. Related: Disney 05/06/2024 Embattled ABC News President Kim Godwin steps down Disney 05/06/2024 What is the mystery Roman object found on hill in Norton Disney? Disney 05/06/2024 Cliff Sims: ‘Really Shocked' to See the ‘DEI Office' and ‘Politicization of the Intelligence Community' in the CIA Building Posted by: Besoeker 2024-05-08 |
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