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.
Despite drops in income, other metrics remained largely positive, including a 13% increase in cash provided by operations to around $3.7 billion and free cash flow rising by 21% to $2.4 billion in the quarter year-over-year, according to the report.
The company has faced broad criticism for promoting left-wing causes under the helm of current CEO Bob Iger, which was a major issue in a closely watched shareholder vote in April, where Nelson Peltz, who criticized Disney for using “woke” casting practices and for putting politics ahead of business, failed to secure enough votes to gain access to the board.
Disney acknowledged in November that its support of left-wing causes could hamper profits for shareholders when the company listed on its 10-K financial statement that its social activism was a “risk factor” for future performance.
All-time political giving by top Disney leadership has been dominated by donations to Democrats, with executives shelling out $2.8 million to Democrats compared to just over $900,000 to Republicans.
“As we build for the future, the steps we are taking today lend themselves to solidifying Disney’s place as the preeminent creator of global content,” Iger said in the report. “Looking at the renewed strength of all of our businesses this quarter — from Sports, to Entertainment, to Experiences — we believe the stage is now set for significant growth and success, including ample opportunity to increase shareholder returns as our earnings and free cash flow continue to grow.”
Disney announced its opposition to Florida Gov. Ron DeSantis’ Parental Rights in Education Bill in March 2022, dubbed by opponents as the “Don’t Say Gay” bill. Following the announcement, DeSantis moved to eliminate Disney’s control over its own special self-governing district in the state, launching a years-long legal battle that concluded in March with the company dropping its lawsuit to stop the revocation.
The entertainment giant faced backlash in 2023 over its inclusion of LGBT characters and left-wing narratives in its new movies, like “The Marvels,” which debuted in November 2023 and had poor reception and box office performance.
Disney did not immediately respond to a request to comment from the Daily Caller News Foundation.
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