Disappointing quarter for Disney
The multimedia and entertainment conglomerate, Disney, posted yesterday its quarterly earnings.
Sales plummeted 42% to $11.78 billion. The company reported a loss of $2.61 per share, compared to last year's gain of 79 cents a share. Analysts expected a loss of 64 cents/share and $12.4 billion worth of sales.
Disney announced a revenue of $11.78 billion, or an EPS of 8 cents. The consensus was forecasting $12.44 billion in revenue and a loss per share of 61 cents.
Another drop was in the revenue from amusement parks, products, and experiences, which decreased by 85% to $1 billion. At the same time, the quarterly revenue figures from studio entertainment decreased by 55% to $1.7 billion.
However, Disney managed to gain in other areas. Due to the pandemic, its Disney+ user base increased to 57.5 million active accounts. The media segment brought an income of roughly $3 billion, 48% higher than last year’s figures.
After the report, Disney's stock price dropped 2%, but it managed to rebound and ended the extended session higher by more than 4%. Since the beginning of the year, Disney's shares lost 19%, while USA500 added 2%.
See on CAPEX.com how the pandemic affected other earnings reports!
Sources: investing.com, marketwatch.com
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