Disney Stock Jumps 6% After Exceeding Earnings Expectations; Sony's Gaming Division Reports Record Revenue, PlayStation 5 Consoles Reach 46.5m; Examines Future of TV Networks

Disney exceeded Wall Street's earnings expectations, with CEO Bob Iger announcing a 'building' phase. The company added roughly five million subscribers to its streaming services in the last three months, leading to a 3% stock jump. Disney's stock rose in after-hours trading, driven by solid quarterly results, gains in Shanghai and Hong Kong theme parks, and a plan to cut costs by $7.5 billion. Sony's gaming division reported record revenue with PlayStation 5 consoles reaching 46.5 million shipped. Sony's profit slid due to a chip slump but bumped up games unit forecast. The company's chips division saw a 37% profit slump. Disney's stock soared 6% after strong earnings, and the company plans to seek an additional $2 billion in cost savings. Sony maintained its sales target of 25 million PlayStation 5 consoles and is looking for a boost from a new, slimmer version of the device. Lionsgate narrowed its quarterly loss on higher revenues, and Sony raised its sales and profit outlook as media helped offset mobile. Disney is examining whether its future should include fewer television networks, including ABC, FX, and National Geographic.