Jim Cramer Praises Bob Iger Over Disney Revamp: 'He Is Just Such A Better Storyteller'

Prominent market commentator Jim Cramer reportedly said he's bullish on Walt Disney Co DIS after CEO Bob Iger‘s announcement of a robust restructuring and cost-cutting plan.

"Disney finally feels like it's back on track. While the stock's already had a monster move since the beginning of the year, I'm betting it can have a lot more upside now that Iger's turning things around," he said according to a CNBC report.

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Shares of the company traded higher late Wednesday after it reported better-than-expected financial results and announced plans to cut 7,000 jobs.

Disney said fiscal first-quarter revenue increased 8% year-over-year to $23.51 billion, which beat average analyst estimates of $23.37 billion, according to Benzinga Pro. The company reported quarterly earnings of 99 cents per share, which beat estimates of 78 cents per share.

Disney's Narrative: Cramer stated that Iger has changed Disney's narrative into one that can execute its goals.

″[Disney] could never unlock their value under the old regime, because management seemed incapable of articulating a clear narrative for the whole company," he said. "But Iger is just such a better storyteller," Cramer noted.

The market commentator also applauded Iger for pushing to reinstate Disney's dividend by the end of 2023. The company suspended the dividend in early 2020 due to the COVID-10 pandemic.

"That's a huge sign of confidence from management," Cramer said.

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