Disney Shares Slump 8.5% After Announcing 4 Million Subscriber Loss, Plans to Remove Content
“certain content” from its streaming platforms as a cost-cutting effort, and said it would be producing “lower volumes of content.”Disney stock fell $8.94, or 8.8%, to $92.20, with nearly three times the number of shares traded in the first hour as in a typical full-day session. It saw by far the largest decline of the 30 stocks in the Dow Jones Industrial Average amid a broad market slump that saw the index fall 1.1%.Disney stock hit an annual low $84.07 in December, and ended Wednesday’s session up 13.7% since the start of the year.After the markets closed Wednesday, the House of Mouse reported net income of $1.27 billion and adjusted earnings per share of 93 cents, topping Wall Street’s expectations for 89 cents per share.