Disney reported a significant improvement in the operating profit of its streaming services, making a combined profit of $47m in the three months ending March 30th. This marked a major turnaround from the $587m loss in the same quarter last year. The overall loss from streaming, including ESPN, narrowed to just $18m in the recent quarter as well.
In an effort to boost business, Disney announced a new streaming bundle in America that will include programming from Warner Bros Discovery. However, the lack of profitability in the streaming division continues to be a concern for investors. After the company tempered expectations for growth in the current quarter, its share price dropped by nearly 10%.
On the other hand, UBS saw its stock price jump by 10% after reporting a quarterly net profit of $1.8bn, surpassing market forecasts. The Swiss bank benefited from increased revenues in its wealth-management business and investment banking. Additionally, UBS lowered its estimate of losses from the troubled parts of the business it inherited from Credit Suisse. This positive news helped to boost investor confidence and drive up the company’s stock price.
