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The Walt Disney Co. has Become a Leader in Streaming

8/22/2022 3:04 PM

The shares of The Walt Disney Co., one of the leaders in the global entertainment industry, are moving in a corrective trend, being around the 120.00 mark.

The trading instrument demonstrates positive dynamics, which began after publishing a positive financial report for the third quarter. Revenue reached 21.50B dollars, beating analysts' forecasts of 20.99B dollars and 20.27B dollars in the previous quarter. Earnings per share were 1.0900 dollars, up from preliminary estimates of 0.9762 dollars and 1.0800 dollars a quarter earlier.

The main achievement of the corporation can be considered the conquest of the leading positions in the ranking of global streaming platforms: in the third quarter, the growth of subscribers on Disney+ reached 152.1M, Hulu – 46.2M, and on ESPN + it amounted to 22.8M. In total, this gives 221. 0M subscribers, surpassing previous industry leader Netflix Inc. with 220.0M subscribers. However, in its forecast for the coming years, The Walt Disney Co. cut its Disney+ subscriber growth forecast to 215.0–245.0M from 230.0–260.0M earlier due to the loss of rights to broadcast cricket matches in India.

Quotes of the company's shares have left the limits of a wide downward channel, having consolidated above the resistance line and the initial correction level of 23.6% Fibonacci. Fast EMAs of the Alligator indicator continues to expand the range of fluctuations, and the histogram of the AO oscillator is high in the buy zone, forming multidirectional bars.

Resistance levels: 133.40, 146.40. | Support levels: 117.30, 101.40.

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