Entertainment giant Disney’s stock price dropped rapidly Tuesday morning following an earnings report that cast doubt on the future of the company.
Disney’s stock was down more than 9% for the day Tuesday morning after releasing its second quarter earnings that reported revenue growth but contained lower guidance than investors had expected, according to Forbes. Disney’s income before taxes totaled $657 million in the second quarter ending March 30, 69% less than the over $2.1 billion that was reported during this same time last year despite increasing revenues by 1% to over $22 billion, according to the company’s earnings report released Tuesday. (RELATED: Red State Taxpayers Are At Risk Of Being Latest Victims Of Electric Vehicle Gambles)
Despite drops in income, other metrics remained largely positive, including a 13% increase in cash provided by operations to around $3.7…
