The Walt Disney Co. saw its stock plummet nearly 4 percent on Thursday, helping to push the Dow Jones Industrial Average to its biggest loss in three months. Shares of Apple also contributed to the Dow’s bloodbath, shedding 4.7 percent of their value.
Disney shares dropped 3.9 percent during trading Thursday and continued their decline in after-hours trading. So far this year, the stock is down more than 42 percent.
The once-venerated company is still reeling from its executive-suite drama that saw the firing of CEO Bob Chapek and the return of former CEO Bob Iger following disappointing quarterly earnings. Disney is facing the prospect of continued weak profitability through 2023 due in part to massive spending on streaming entertainment, which drained the company of $1.5 billion last quarter.
While not a Dow stock, Netflix also experienced a significant drop amid the wider market selloff on continued recession fears.
Netflix shares plummeted 8.6 percent Thursday following a report that the left-wing streamer is having trouble making its viewership numbers promised to advertisers in its new ad-supported plan. As a result, Netflix is reportedly giving back money to advertisers.
Warner Bros. Discovery shares fell 8.9 percent after announcing it would increase its restructuring cost estimates by as much as $1 billion. The recently merged media giant, which owns CNN, is in the midst of a massive cost cutting effort that has resulted in layoffs and the cancellation of prominent shows.
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