View this post on Instagram
Disney’s parks and live entertainment businesses took a $1 billion hit after the coronavirus pandemic forced widespread closures, the entertainment giant disclosed alongside a mixed second-quarter earnings report Tuesday. The company reported quarterly revenue grew 21 percent to $18 billion, slightly outpacing expectations. But adjusted earnings per share came in at 60 cents, which fell short of the 89 cents per share expected by analysts. The pandemic caused major interruptions at Disney’s lucrative theme parks and cruise lines in the United States and abroad. Revenue in the key segment dropped 10 percent to $5.5 billion, while segment operating income fell 59 percent to $639 million. “We estimate the total impact of COVID-19 on segment operating income in the quarter was approximately $1.0 billion,” Disney said in its earnings release. “Prior to the closure of our domestic parks and resorts, volumes and guest spending were higher compared to the prior-year quarter. Costs for the quarter were higher.” Go to the link in our bio for more on this story.
Thursday, May 7, 2020
Disney’s parks and live entertainment businesses took a $1 billion hit
at 10:35 AM