Walt Disney exceeded Wall Street expectations last quarter, although it turned red, revenue declined with the closure of Disneyland, and movie theaters in major markets dimmed.
This is the last entertainment giant to also report its financial status in the latest round of earnings, and it is also its most anticipated business, because its huge business touches most of the media and entertainment industries, regardless of the situation.
In the three months to the end of September, the company lost 20 cents per share, far below expectations.
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Revenue was US$14.7 billion, down from US$19 billion in the same period last year.
Wall Street had previously expected earnings per share of minus 70 cents and revenue of approximately $14.2 billion.
Disney shares surged 5{7d6bb1f761e691f027164c9fe6d1ebbc4659a250013ce39dc45a15ede39dbac5} in after-hours trading. It fell at the close, closing down 1.7{7d6bb1f761e691f027164c9fe6d1ebbc4659a250013ce39dc45a15ede39dbac5} to $135.
The most significant adverse impact of COVID-19 in the current quarter and year is
The company said that due to the loss of revenue due to closure or decline in operating capacity, the operating income of our park, experience and product divisions was approximately US$2.4 billion and US$6.9 billion, respectively.
The question is whether the infection rate across the United States will surge and how it will seriously affect businesses.
Executives may encounter this and other issues during the 4:30 EST conference call.
The company’s shift to streaming media based on the rapid growth of Disney+ has remained buzzing, and the stock has also maintained a good operation.
Recently, there have been reports that a highly effective Pfizer vaccine may be approved before the end of the year.
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All promote this trend. Hopeful news about travel, parks, cruises, movie theaters and advertising, coupled with the company’s strong strength, made Disney’s stock price rise to one of the best trading days since the beginning of this week.
Alan Gould of Loop Capital stated in a recent report, “The transition to streaming is crucial, but the prospects for successful execution of streaming and a healthy park and theater business are strong Combination.”
“We believe that from an operational and damage perspective, the number of strong Disney+ subscribers will exceed the undoubtedly ugly quarter.”
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