The share price of Disney dropped sharply on Monday after the report of weaker-than-expected box office for the highly-awaited Avatar: The Way of Water in the first week.
The share closed down more than 4% at $85.78, after hitting a 52-week low. The price fell more than 40% since the beginning of this year.
On the domestic front, The Way of Water made $134 million, falling short of $300.5 million expected by analysts. Disney itself predicted a sales range between $135 million and $150 million.
Internationally, the movie cashed $300.5 million in the first week, making the total revenue after combining what it earned in the U.S. to $434.5 million. The first movie released in 2009 made only $77 million during the first week, but later went on to become the highest-grossing film of all time.
Disney has been facing a downturn as of late after reporting weaker than expected profit and key revenue.
Former CEO Bob Chapek once warned that Disney’s streaming business may be seeing a decline in growth in the future.
