After we reported Disney stock was at a 52-week-low, the stock price continued to drop and The Walt Disney Company (DIS) closed on Thursday, August 24 at $82.47 per share. This is Disney’s lowest closing price in nine years.
Disney Stock Closes on Disappointing Note
This is the lowest price Disney has closed at since October 16, 2014, when it closed at a record $81.74.
Disney stock has dropped significantly over the past few years, especially during the height of the COVID-19 pandemic and Bob Chapek’s tenure as CEO. On March 23, 2020 it closed at $85.76. Disney’s all-time high closing price was on March 8, 2021, at $201.91.
According to Deadline and official reports from The Walt Disney Company, a mixed third quarter for 2023 has seen some success, reduced losses, and a few disappointments overall.
Direct-to-consumer losses shrank while Parks and Resorts revenue rose compared with the previous quarter. While Disneyland Resort and Walt Disney World Resort did not have stand-out performances, the heightened revenue was assisted by the international parks and Disney Cruise Line. Overall, Parks & Resorts are up 13% — 94% internationally and 4% domestically (mostly attributable to Disneyland).
The total third quarter company revenue of $22.3 billion is a slight decrease of 2%, slightly shy of forecasts. Disney’s revenues for their direct-to-consumer products — Disney+, Hulu, and ESPN+ — increased by 9 percent to $5.5 billion dollars, though their operating loss nearly broke even. Disney+ subscribers have dropped to 146.1 million, below the 154.8 million goal, though core members of the service rose by 1 percent.