Disney’s streaming services, Disney+ and Hulu, have seen a significant improvement in operating profit, reporting a combined profit of $47m in the recent quarter compared to a loss of $587m in the same quarter last year. The overall loss from streaming, including ESPN, has also narrowed to just $18m. However, despite this progress, the lack of profitability in the streaming division continues to be a concern for investors.
In contrast to Disney’s struggles, UBS reported a quarterly net profit of $1.8bn, surpassing market forecasts and causing its stock to jump by 10%. The Swiss bank attributed its success to soaring revenues in its wealth-management business and investment banking, as well as a reduction in the estimated losses from the toxic parts of the business inherited from Credit Suisse. This positive news from UBS stands in stark contrast to Disney’s share price tumbling nearly 10% after the company lowered growth expectations for the current quarter.
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