General Walt Disney Company Posts First Quarterly Loss In Almost 20 Years

tom_mai78101

The Helper Connoisseur / Ex-MineCraft Host
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This year, its fortunes have reversed: few entertainment companies, if any, have been as badly hit by the coronavirus. Largely as a result of the pandemic, Disney has posted its first quarterly loss in decades.


Here are the details:

  • Disney lost $4.72 billion in the three months ending June 27, with total revenue falling 42% to $11.8 billion. The company earned a profit of $1.43 billion in the same quarter last year.
  • Revenues from its theatrical, theme park, and live sports businesses were severely dented by the pandemic. Costs relating to its Fox acquisition, including integration expenses and severance pay, were also a factor.
  • The direct-to-consumer and international division was the only one to report an increase in year-over-year revenue. In less than nine months, Disney+ has passed 60 million subscribers — a milestone Netflix took around eight years to reach. Combined with subscribers to Disney’s other streaming services, like Hulu and ESPN+, Disney has over 100 million subscribers.

Read more here. (CartoonBrew)
 
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