Iger originally gave the guidance that D+ wouldn't be profitable until 2024. That hasn't changed.
What has changed:
1. Wall Street has stopped counting subscriptions and instead started to look at the profit/loss of streaming companies -- which they should have been doing from the beginning.
2. Wall Street forgot that Disney's guidance was that it wouldn't be profitable until 2024. When D+ zoomed past its first sub goal, Wall Street boosted Disney stock. When Disney was able to avoid huge losses during the lockdowns, Wall Street boosted its stock again. When Netflix had a huge quarterly loss and a huge loss in subs, Wall Street decided all streamers were awful, and that streamers weren't going to boost their investment to more than the 7% general growth of the market in general, and it would be two more years before Disney would be giving out dividends. So, they tanked Disney's (and other streamers') stocks.
3. This past quarter was D+'s largest loss (as predicted by the guidance). Guidance now has that loss shrinking, but Wall Street is a mercurial and perfidious dance partner. All this with cable cutting accelerating and D+ very likely to be one of the winners of the streaming wars. But for Wall Street, they want the big gains NOW.
4. Bob Chapek isn't making friends with Wall Street nor customers nor the public in general nor politicians.
