Disney shares spike 12% after earnings beat and Epic Games, Eras Tour news
Publishing timestamp: 2024-02-08 11:56:29
Summary
Walt Disney shares rose by over 12% after the company reported better-than-expected earnings and announced a 50% higher dividend. CEO Bob Iger also revealed a $1.5 billion stake in Epic Games, the maker of Fortnite, signaling Disney's entry into the gaming industry. The company also announced various upcoming events and deals, including the launch of an ESPN streaming service and the release of a sequel to "Moana." Despite losing customers on its streaming platform Disney+, revenue increased due to subscription cost hikes. Disney plans to cut costs by $7.5 billion by 2024 and expects earnings per share of around $4.60 for the year.
Sentiment: POSITIVE
Tickers: DIS,
Keywords: media, earnings, breaking news: business, business news, walt disney co, bob iger, breaking news: markets, gaming software, entertainment, markets,