One of the largest producers and entertainment providers in the world – Disney posted fiscal Q4 2020 earnings that beat estimates.
In Q4, Disney reported losses per share of 20 cents, ahead of the 68 cents estimated by the market. The revenue figures came in at $14.71 billion, topping the $14.34 billion consensus. Analysts were expecting the revenue to fall 25%, given the current global situation.
Disney+, the company’s streaming platform, reported an increase in the number of users. The numbers reached 73.7 million after in the previous quarter the numbers were at 60.5 million.
On the other hand, the revenue generated by amusement parks plunged 61% to $2.58 billion, while the studio revenue reached $1.6 billion after a 52% fall.
For the fiscal year 2021, Disney expects the Coronavirus-related costs to come in at $1 billion, a considerable drop from Q4’s $3.1 billion. For the whole year, the costs came in at $7.4 billion. Also, Disneyland will stay closed until the end of fiscal Q1 2021.
Following the news, Disney’s stock price rallied 3.4%.