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.
Investors were pleased with this news, but still concerned about the lack of profitability in Disney’s streaming division. After tempering expectations for growth in the current quarter, Disney’s share price jumped by nearly 10%. In contrast, UBS saw its stock price jump by 10% after reporting a quarterly net profit of $1.8bn, surpassing market forecasts.
UBS 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.