Disney Stock Bucks Market Downturn, Rising 3% As Wall Street Applauds Quarterly Numbers, Rebound Of Theme Parks
deadline.comDisney’s strong quarterly numbers, especially the rebound of its theme parks to 2019 levels of revenue and operating income, propelled a 3% gain for its stock despite the gloom on Wall Street.The stock, which is a Dow component and a bellwether for consumer sentiment, finished at $152.25.
It extended its rally from mid-January, when it slipped below $130 to establish a new 52-week low. The upswing came despite a 2% decline for both the Dow and Nasdaq, mostly due to fresh inflation worries.After the close of trading on Wednesday, Disney reported that its flagship Disney+ streaming service had just shy of 130 million subscribers as of the January 2 end of the quarter.
That tally surprised analysts, who were expecting a number closer to 125 million. Theme parks, though, given how vital they are to the overall company, have been the main driver of investor enthusiasm, managing to recover to a pre-Covid state of health.
Attendance at U.S. sites rose by double digits over the prior quarter, and per-capita spending shot up 40% compared with the same period in fiscal 2019.
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