Ross Gerber, CEO of Gerber Kawasaki Wealth, hailed Walt Disney Co.'s (NYSE: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.
$420 mil over the weekend in theaters. All time record for the movie business for thanksgiving. Moana 2 crushes with $221 mil. Disney is back! $dis $cnk
— Ross Gerber (@GerberKawasaki) December 1, 2024
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 (NASDAQ: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 (NYSE:AMC), Cinemark Holdings (NYSE: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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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
