Why Walt Disney Stock Jumped Today

Shares of Walt Disney (NYSE: DIS) jumped as much as 6.8% on Thursday, after the media giant announced that the Disney+ video-streaming service now has 50 million paying members. By 11:10 a.m. EDT, the stock had pulled back to a 4.3% gain.

Disney+ garnered 10 million subscribers -- most of them free trials -- on its first day on the market. The tally reached 28.6 million paid accounts in early February. Many streaming services benefit from coronavirus lockdowns and stay-at-home orders, and the 50-million figure also includes 8 million subscribers that were already signed up for local market leader Hotstar when Disney baked Disney+ into that established platform last week. Other significant additions came from Disney+ launches across several Western European countries in March.

Image source: Disney.

Source Fool.com