Disney Closes Day More Valuable Than Netflix
The streaming giant's stock was trading up on Thursday, giving it a $152 billion valuation, enough to push it ahead of Disney for a time, but it ultimately fell short as the day closed.
Netflix, despite being more valuable than Disney earlier on Thursday, ended up closing out just behind the company.
Netflix finished the day with a market cap of $151.8 billion, while Disney ended with $152.18 billion.
The streaming giant's stock was trading at an all-time high on Thursday morning, boosting its valuation above $152 billion. Disney stock, meanwhile, was trading down more than 1 percent, giving it a valuation of just under $152 billion.
Netflix, which has been publicly traded since 2002, has become a fierce competitor for Disney and other media conglomerates over the years as streaming has become more popular with consumers. Despite the fact that Netflix continues to burn through cash, the company has become a stock market darling as it adds more subscribers around the world. In April, Netflix announced that it had reached 125 million total subscribers and generated $3.6 billion in revenue during the first quarter of the year.
On Wednesday, the streamer became more valuable than cable giant Comcast. Its shares closed the day at $344.72. Today, its share price is up more than 1 percent to over $350 during midday trading.
Although Disney has continued to find success at the box office with such blockbusters as Black Panther and Star Wars: The Last Jedi, the company's media networks division has struggled under mounting subscriber losses at ESPN. Meanwhile, Solo: A Star Wars Story, which hits theaters this weekend, is on pace for the lowest domestic opening of the four films in Disney's revitalized Star Wars franchise.
Disney is working on its own Netflix competitor. The company plans to launch a family-friendly streaming service next year that will include film and TV titles from Pixar, Marvel and Lucasfilm. It also recently introduced a new sports-centric subscription service: ESPN+.
May 24, 1:18 p.m. Updated with day's final numbers, and Netflix closing out behind Disney.