Disney’s streaming services, Disney+ and Hulu, reported a significant improvement in their operating profit, 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.
Despite this positive news, investors remain concerned about the lack of profitability in Disney’s streaming division. In an effort to address this concern, Disney announced a new streaming bundle that will include programming from Warner Bros Discovery. However, it remains to be seen whether this move will be enough to boost business and increase profits.
Meanwhile, 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.