Disney presented quarterly figures for its fiscal third quarter in 2020 after the stock exchange closed on Tuesday.
The share fell about 2 percent in after-sales after the company made large losses as a result of the corona pandemic.
Earnings per share ended with a loss of 8 US cents against the expected 64 cents, while revenues disappointed with 11.78 billion dollars, against the expected 12.37 billion US dollars, CNBC reports.
Passed new milestone
While the company overall disappointed the market, some of the company’s businesses also did better as a result of the corona pandemic. The most important news was that the company reported reaching over 100 million paying subscribers across its streaming services, which include Disney +, Hulu and ESPN +.
The company’s video streaming service is among Netflix’s and Amazon Prime Video‘s main competitors, and has experienced great growth as a result of several people being in isolation during the pandemic, the news agency writes.
Opened some of the theme parks
Disney’s most important income is the revenue that comes from the park business. The company has succeeded in reopening some of its parks, but has done so with limited capacity under regulations to keep visitors safe, it is stated.
Nevertheless, the Disneyland theme park in California had to be forced to postpone the expected reopening in July when the authority pushed the guidelines back as a result of rising infection rates.
The company claims to have lost over 3.5 billion US dollars in operating revenues due to the amusement parks that were closed during the quarter, writes CNBC.