Despite Avatar: The Way of Water grossing nearly half a billion dollars globally over box office debut weekend, The Walt Disney Company’s stock has dropped to yet another 52-week low as the realized numbers were still below expectations.
According to CNBC,
Shares of Disney dropped on Monday following a weaker-than-expected opening box office weekend for James Cameron’s “Avatar: The Way of Water.”
Disney shares closed down more than 4% at $85.78, after hitting a 52-week low. The company has seen its stock fall more than 40% in the past year.
Analysts appear to blame this fall on the 20th Century Studios film’s failure to hit the analyst-projected $175 million domestically and Disney’s own $150 million projections. James Cameron’s sequel rounded out the weekend with $134 million domestically.
Disney Fanatic recently covered that distributors suspected that the overall gains for The Way of Water would flow in over a longer period of time, citing that a significant number of pre-sale tickets were for showtimes after the opening weekend. However, that argument does not appear to have helped ease investors’ concerns.
The Mouse House is also in the midst of a massive corporate shakeup, with Bob Iger returning to the CEO role just before Thanksgiving, triggering a restructuring of Bob Chapek’s beloved media and entertainment distribution division almost instantly.
This is only the latest 52-week low that The Walt Disney Company’s stock has hit in 2022 alone, compared to hitting an all-time high just above $200/share it reached in 2021. Only time will tell if 2023 will see Disney return to the financial heights it knew just a little bit ago and just how much James Cameron’s Avatar sequel will earn in its theatrical run.
We at Disney Fanatic will continue to update our readers on Disney news and stories as more developments come to light.