Disney to Reduce Number of Marvel Movies as Stock Plummets

Disney intends to reduce the quantity of movies to “focus more on quality,” CEO Bob Iger said during an earnings call this week. Walt Disney released its Q2, 2024, earnings report on May 7, showing a marginal 1 percent increase in revenues compared to the same quarter last year. The company’s entertainment segment—comprising TV, streaming, and films—saw revenues decline by 5 percent. Disney shares had ended May 6 at $116.47. By the end of the day on May 7, shares fell over 9.5 percent to $105.38. This was Disney’s worst single-day decline in 18 months. Income before income taxes dropped by 69 percent. Diluted earnings per share (EPS) was a loss of $0.01 for Q2 compared to a gain of $0.69 per share in Q2, 2023. The company attributed the decrease in EPS to “goodwill impairments in the quarter.”...