Main Street and Wall Street diverged in their views of Walt Disney and Reddit’s March 2024 quarterly reports. Disney reported that revenue rose one percent to $22.08 billion, but its shares fell 9.5 percent.
At the same time, the social-media platform reported a first-quarter loss of $575.1 million, and its shares surged 15 percent (the increase was later settled at 2.3 percent).
In other news, Disney’s streaming business earned a profit of $47 million, but its direct-to-consumer unit lost $18 million (compared to a $659 million loss in the year-earlier quarter). Before the release of the March financial report, Disney’s stock had risen 29 percent from the beginning of the year.
In last year’s first quarter Reddit reported a loss of $60.9 million.
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