Disney Stock Surges as Earnings Exceed Expectations
Disney stock experienced a significant rise of over 9% after the company's fiscal fourth-quarter earnings report exceeded Wall Street forecasts for both revenue and profits. The conglomerate reported revenue of $22.57 billion, surpassing analyst predictions, and demonstrated growth from the previous year. Disney showcased notable profitability in its direct-to-consumer streaming segment, a key driver of this positive financial performance. Disney's succession planning also came to light as it looks for a successor to CEO Bob Iger. This earnings report illustrates a broader strategic focus on streaming services, amidst challenges in traditional media sectors.