Disney stock predictably plummeted Thursday after Walt Disney (DIS) posted a drop in streaming subscribers for a second consecutive quarter.
Making matters worse, Disney, a component of the Dow Jones Industrial Average, forecast its direct-to-consumer business to suffer a wider-than-expected loss in the current quarter. The streaming business, which includes the company's flagship Disney Plus service, will lose upwards of $759 million in the ongoing quarter, Chief Financial Officer Christine McCarthy told analysts on a conference call late Wednesday, citing a shift in marketing costs.
