Disney stock made some large gains in after hour trading after their Q4 2023 performance information was released. Disney sent out their data and hosted their investor call after the closing bell today.
Reports from Disney indicated that the company was able to cut $7.7 billion in costs, which is $2 billion more than they originally announced. While subscriber growth for Disney+ and Hulu pushed the streaming services higher. Losses for the streaming segment were significantly lower than Q4 2022.
Plans for the future of ESPN along with cutting $2 billion from content creation while focusing on fewer cinematic projects and pivoting to a focus of quality over quantity seemed to also help propel stock pricing.
The stocks jumped up to $88.49 after closing at $84.40 forty minutes prior. Currently, it’s sitting at $87.30. An almost $3 improvement in less than two hours.
It’s still a far way off from the 52-week high of $118.18, but it is inching back up.
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