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The social media giant saw shares fall 35.2% leaving founder Evan Spiegel and his wife Miranda Kerr (pictured) nursing losses of £200m.
Disney has had a rough couple of years after CEO Bob Iger returned from a brief retirement. But the media veteran said Disney is finally on the path toward success again.
The Walt Disney Co. today posted stronger-than-expected earnings for the final three months of 2023, boosted by cost cuts and growing revenue from its theme parks business.
Snap slumped more than 31pc on Wednesday after fourth-quarter revenue missed Wall Street expectations, with the company struggling to compete for advertising dollars against heavyweights such as Meta and Alphabet.
Disney stock is trading sharply higher in US premarket price action today after the company beat earnings estimates for the first quarter