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Disney Suffers Brutal Quarterly Earnings Due to Theme Park Closures

04.08.2020 - 23:39

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variety.com

variety.com:

Brent Lang Executive Editor of Film and MediaThe Walt Disney Company was brutalized by the coronavirus pandemic, which shuttered its parks and delayed the release of its films, setbacks that nearly sliced its revenues in half during its most recent fiscal quarter.

Revenues fell 40% to $11.7 billion, while diluted earnings per share for the quarter decreased 94% to 8 cents, falling from $1.34 in the prior-year period.

Those revenues missed expectations, even if the adjusted profit was a pleasant surprise for investors. Wall Street had projected revenues of $12.39 billion on adjusted losses per share of 63 cents.

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