Disney's stock has worst day in 21 years
Disney wasn't able to escape the earnings bloodbath that hit the tech sector after the powerful media conglomerate suffered its worst day on the stock market in 21 years.
Why it matters: Investors are worried about Disney's economics, particularly its growing streaming losses despite a continued strong uptick in subscribers.
- With price hikes and an ad-tier coming, top Disney brass are assuring investors that those losses will shrink soon and turn into gains by 2024.
By the numbers: Disney's 13% drop sunk its share price to its lowest level since the onset of the pandemic in early 2020.
- For the year, Disney's stock has fallen 44%.
The latest: While his company's stock was imploding on Wednesday, Disney CEO Bob Chapek admitted investors are getting a bit antsy.
- "There is an increasing desire by our investor base to make sure there is something there, there, to get something out of it," Chapek said during a Paley Center event in New York. "Our investors expect us to have a return on that investment."