Business

Disney, AMC, Affirm and more


Disney (DIS): Even though sales record report for the whole yearShares of Disney fell 6% in extended trading after missing out in both its bottom line and bottom line in its fiscal fourth quarter. The company posted adjusted earnings of 30 cents a share on revenue of $20.15 billion. Disney+ added 12 million subscribers this quarter, topping estimates, but streaming losses rose to $1.5 billion, up from $630 million a year ago. Despite the growing losses, CEO Bob Chapeck told investors he “still sees Disney+ turning a profit in fiscal 2024.”

AMC (AMC): Cinema chain losses increased to $226.9 million in the quarter, a 12th straight quarterly loss, weighed on stocks in after-hours trading. Revenue rose 27% to $968.4 million.

Confirm (AFRM): Shares plunged after the company posted wider-than-expected losses and poor direction. Affirm expects fiscal second-quarter revenue of $400 million to $420 million and full-year revenue of $1.6 billion to $1,675, short of analyst estimates.

Novavax (NVAX): The vaccine maker reported sales of $734.6 million, more than three times its revenue from a year ago. NovaVax also reports that it has delivered more than 94 million doses of the Covid-19 vaccine globally to date. Despite the development, Novavax Lowers 2022 revenue guidance to $2 billion, lower than consensus estimates and lower than previously forecast.

Marathon Digital Holdings (MARA): The cryptocurrency miner recorded a net loss of $75.4 million in the third quarter compared to a net loss of $22.2 million a year ago. Marathon President and CEO Fred Thiel wrote in the earnings announcement, “Q3 2022 is a period of transition and rebuild at Marathon.” Revenue fell 75% from a year ago to $12.69 million.

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