Warner Bros stock beats Tesla and other S&P 500 peers in a fierce comeback as Hogwarts Legacy's massive success rekindles Harry Potter mania
The strong rebound appears to be powered by the massive success of the highly anticipated Harry Potter-inspired video game,The company announced last Thursday that"Hogwarts Legacy" has already sold 12 million units so far, reeling $850 million in sales, in the first two weeks since its launch.
The game was already a top seller ahead of its release, in presales, beating other games like"Call of Duty: Modern Warfare II" and"Destiny 2," even as it faced backlash and calls to boycott it due to Harry Potter author J.K. Rowling's allegedly transphobic comments. CEO David Zaslav said his company's hit video game business is now a"core part of our overall strategy." "Hogwarts Legacy" is an action role-playing game set in the Harry Potter universe during the 1800s, a century before the events of the novels – and the player will play as a student at Hogwarts during that time. At close on Friday, Warner Bros stock stood at $15.55 per share. It fell on the day after the company posted fourth-quarter revenue results that missed analysts' estimates. Nevertheless, the entertainment company is powering ahead with new projects. It recently announced plans to make after striking a deal with Swedish gaming company Embracer Group, which currently owns the film rights to J.R.R. Tolkien's books.
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