As Disney's legacy businesses continued to be hammered by the coronavirus pandemic, CEO Bob Chapek laid out a path forward for the company.
On a call with investors, the executive said that Disney would release live-action remake Mulan on Disney+ for an additional fee and would push more aggressively into streaming with a new global general interest service.
The news, which came minutes after Disney disclosed a $4.7 billion loss during the spring quarter, impressed investors, who sent the stock up 5 percent during after-hours trading.
Investors were expecting a tough fiscal third quarter for Disney, which was forced to halt much of its business amid the pandemic.