Disney shares decreased pursuing the anticipated 'Avatar' opening weekend
December 21, 2022: -On Monday, shares of Disney dropped following a weaker-than-expected, which opens box office weekend for James Cameron’s “Avatar: The Way of Water.”
Disney shares closed down over 4% at $85.78 after hitting a 52-week low. The company has seen its stock decrease by over 40% in the past year.
Industry analysts peg the long-awaited “Avatar” as a box office winner for Disney and are viewing the film’s holiday season as a make-or-break period.
The film notched $134 million at the domestic box office in its opening weekend, decreasing short of analyst anticipation of $175 million and Disney’s forecast of $135 million and $150 million.
Still, box office analysts aren’t concerned yet. The original film, released in 2009, made just $77 million in its first weekend but became the highest-grossing film of all time.
Internationally, “Way of Water” raked in $300.5 million, bringing its total, which opens weekend number, to $434.5 million.
Against the backdrop, Disney has been facing challenges since the pandemic’s start, when movie theatres and theme parks were shut down for months. Except for hits like Paramount Global, the movie theatre industry is still crawling back.
While Disney’s stock had increased during the pandemic when former CEO Bob Chapek, was helping weather the storm and reached above $200 per share at one point in 2021, it has since fallen.
Chapek and Disney have recently faced scrutiny, particularly over the company’s performance. During its recent quarterly earnings report, Disney fell short of profit and key revenue segment anticipation, with its media and parks divisions needing more estimates. Similarly, Chapek warned Disney’s streaming business might also see tapered growth.
Shortly following, Disney’s board ousted Chapek and reinstalled Bob Iger as CEO. Soon after being reinstated, Iger released a few of Chapek’s top lieutenants and added that the company would focus on restructuring its media division.
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