Ross Gerber, CEO of Gerber Kawasaki Wealth, hailed Walt Disney Co.'s DIS resurgence after "Moana 2" earned $221 million over Thanksgiving.
What Happened: Taking to X, formerly Twitter, on Sunday, Gerber cheered as "Moana 2" contributed significantly to the total box office earnings of $420 million over the weekend.
See Also: Disney Creates New Tech Hub For AI and AR
The sequel to Disney’s "Moana" now holds the record for the highest-grossing Thanksgiving release. It has surpassed the previous record of $125 million set by "Frozen II" in 2019, according to Box Office Mojo data.
Other films such as "Wicked" and "Gladiator II" also contributed to the record-breaking Thanksgiving week total of nearly $420 million, surpassing 2018’s record for the best Thanksgiving box office week in history.
Why It Matters: The animated adventure film ‘Moana 2’ exceeded expectations, raking in $28 million on Thanksgiving Day alone, reported Variety. It follows the 2016 original, which earned $82 million during its Thanksgiving debut and was the most-streamed film in 2023.
"Moana 2" also broke the record for the biggest five-day opening, previously held by "The Super Mario Bros. Movie," distributed by Comcast Corporation CMCSA-owned Universal Pictures, which grossed $204.6 million in April last year.
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In November, Disney reported its fiscal fourth-quarter 2024 revenue, which rose by 6% year-over-year to $22.57 billion, slightly exceeding the analyst estimate of $22.35 billion.
At the time, the company also reported that its entertainment segment—which includes traditional TV networks, streaming platforms, and films—rose 14% year-over-year to $10.83 billion.
The impressive performances of “Moana 2,” “Wicked,” and “Gladiator II” might have also bode well for U.S. movie theater chains like AMC Entertainment Holdings AMC, Cinemark Holdings CNK, and others.
Price Action: Disney's stock closed at $117.47 on Friday, down 0.11% for the day, with an additional decline of 0.0085% in after-hours trading. Despite this, the stock has risen 28.17% year-to-date, according to data from Benzinga Pro.
AMC’s stock finished at $4.95 on Friday, slipping 0.40% during the day, followed by a further drop of 0.20% in after-hours trading. Year-to-date, the stock has fallen by 18.99%.
Cinemark’s stock closed at $34.52 on Friday, rising 0.99% during the day, before dropping 0.98% in after-hours trading. Year-to-date, the stock has gained 147.28%.
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