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Tour de Earnings

Disney made money from streaming, Reddit made money from ads, and Novo Nordisk lost money.
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less than 3 min read

🖥️ Reddit’s data licensing brought in the cash. The newly public social media forum announced its second earnings report ever since it went public via IPO in March. The firm topped Wall Street expectations for sales in the second quarter, which leapt 54% from a year earlier. Its overall revenue came in at $281 million, handily beating analyst expectations of $254 million. The company’s controversial artificial intelligence data licensing business was particularly strong; the business pushed the company’s “other revenue” category, which excludes advertising, up 691% to $28.1 million.

🐭 Disney’s streaming bundle finally turned a profit. The entertainment behemoth beat analyst expectations for both revenue and earnings. Its streaming businesses, which include ESPN+, Hulu, and its namesake Disney+, turned profitable in its third quarter for the first time ever. The company’s earlier guidance predicted the streaming bundle wouldn’t turn a profit in the highly competitive market until the fourth quarter of the year. But Disney’s parks and experiences hit a speed bump, as the operating income for US parks dropped 6% in the second quarter.

💉Novo Nordisk sales thinned on Ozempic earnings miss. Shares of Danish pharmaceutical giant Novo Nordisk sank 8.27% today after the company missed expectations on its sales of popular weight-loss drugs Ozempic and Wegovy. Novo reported $1.7 billion in Wegovy sales, below the $2 billion analysts expected, while Ozempic sales came in $0.2 billion lower than analyst estimates. Overall, the company reported a net profit of $1.86 billion in the second quarter, an increase of 3% year over year—but that was also below analyst estimates.

Making sense of market moves

Stay up to date on the latest market news with daily analysis of the investing landscape, served up Brew-style.

Making sense of market moves

Stay up to date on the latest market news with daily analysis of the investing landscape, served up Brew-style.