Disney Stock Dips As Theme Park Comments Rattle Market; CFO Cites “Global Moderation From Peak Post-Covid Travel”
deadline.comFireworks at Disney’s first-quarter earnings amid a bitter proxy fight quieted down in the second and the company’s commentary on a call today, especially around the parks business, generated some investor angst and knocked the stock lower.
Disney shares are down nearly 10% late morning at about $105. Parks, as has been the pattern, was outstanding for the three months ended in March with revenue up 10% and operating income up 12%.
But the future may not be as clear. The uptick was driven by international led by Hong Kong Disneyland. Walt Disney World and the cruise line were solid.
But Disneyland, despite growing attendance and per capita spend, saw results dip year-on-year on higher costs, including labor, said CFO Hugh Johnston on an earnings call with analysts.
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