Disney shares sank as much as 9% in early trading Thursday after the media conglomerate posted earnings that missed Wall Street expectations and revealed a significant slowdown for its flagship Dis…
, up just 2.1 million over the prior period and a gain that fell far short of consensus estimates of about 10 million net adds.
Still, multiple Wall Street analysts cut their price targets on Disney’s stock in the wake of the disappointing earnings report for the company’s fiscal Q4 2021. Disney management “insisted that their data showed a nice correlation between new original content and subscriber growth,” analyst Michael Nathanson wrote in a note Thursday. “In general, that makes complete sense, as new content is the flywheel for subscriber growth . Yet, we wonder if Disney+ is too narrow a product and requires much greater investment in non-Disney content to widen out the product’s appeal.
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