Netflix’s stock, extending its three-day rally, closed up 3.2%, to $426.75 per share, while Disney’s stock finished down 2.5% amid a broader market decline on Wednesday.
Netflix is worth more than The Walt Disney Company owing to surging stock prices for the streaming giant in the past weeks due to the stay-at-home protocols. Netflix’s total market capitalisation reached $187.3bn, which is just ahead of Disney’s $186.6bn valuation, according to Variety.
It comes after Disney’s share price tumbled in recent weeks as the company has closed its theme parks and shut down its cruise lines temporarily.
Netflix is scheduled to report first quarter 2020 earnings on April 21, after markets close. It previously forecast total paid net adds of seven million worldwide. Many analysts expect Netflix to gain more than that.
As for Disney, analyst Hal Vogel told The New York Times that the company is losing $30m or more per day. In March, Disney borrowed $6bn in debt offering in response to the crisis. Disney also recently furloughed some 43,000 employees at the Walt Disney World Resort in Florida.
Despite the crunch, Disney Plus, recently crossed 50m subscribers, much faster than the company expected.
