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Walt Disney Co (NYSE:DIS) is trading lower Tuesday afternoon after CEO Bob Chapek expressed some continuing COVID-19 Delta variant concerns while speaking at the Goldman Sachs 30th Annual Communacopia Conference.
According to reports, Chapek said the resurgence of the variant is creating production delays for the fourth quarter.
Disney CEO Bob Chapek says the resurgence of Covid with the delta variant is creating production delays for Q4
— Tara Lachapelle (@taralach) September 21, 2021
This is a slightly different tone than on last month's earnings call when Chapek wasn't seeing much impact from delta on Disney as a whole: https://t.co/sY8AfZ5NiY $DIS
Chapek went on to discuss declining subscription video on-demand subscriber trends across some of its streaming services including Hotstar, an Indian on-demand service operated by Disney.
Chapek now talking down SVOD sub trends for fiscal Sept Q4 2021 $DIS
— Rich Greenfield, LightShed (@RichLightShed) September 21, 2021
1) low single digit millions of subs ex-hotstar
2) hotstar will be negative as they have to renew all their annual subs before the start of IPL
3) star+ in latam off to slow start
4) production delays
See Also: Disney Covers Up Jessica Rabbit's Considerable Cleavage For Theme Park Ride
Earlier Tuesday, Daiwa Capital analyst Jonathan Kees initiated coverage on Disney with a Buy rating and a price target of $225.
DIS Price Action: Disney has traded as high as $203.02 and as low as $117.23 over a 52-week period.
The stock is down 3.3% at $172.66 at time of publication.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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