Disney stock jumps after Disney Plus hits 60 million subscribers
stock climbed as much as 6.4% in pre-market trading on Wednesday as investors cheered strong growth at Disney Plus last quarter and shrugged off the brutal impact of the coronavirus pandemic on other parts of its business.as sales plummeted 85% in the parks, experiences, and products division and 55% in the studio business.Vanguard is emerging as a key force in a $3.8 trillion battle against PIMCO and BlackRock for bond investors' cash.
Those sharp declines reflected prolonged closures of theme parks, stores, and cinemas to combat the spread of the virus. Disney's lower revenue, combined with $5 billion in restructuring and impairment charges, fueled a net loss from continuing operations of $4.5 billion — a sharp swing from $1.6 billion in net income in the same period last year.
However, the company's Disney Plus streaming service continued to serve as a partial hedge against the pandemic. It has attracted more than 60 million paying subscribers since launching nine months ago — close to a third of Netflix'sRead More:
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