Walt Disney DIS reported quarterly earnings of 60 cents per share on Tuesday, which missed the analyst consensus estimate of 88 cents by 31.82%. This is a 62.73% decrease over earnings of $1.61 per share from the same period last year.
The company reported quarterly sales of $18.090 billion, which beat the analyst consensus estimate of $17.810 billion by 1.57%. This is a 21.23% increase over sales of $14.922 billion the same period last year.
Disney reports second-quarter parks, experiences, products sales were down 10% to $5.543 billion. The company reported Disney+ subscribers were at 33.5 million; During the earnings conference call, the company said Disney+ has over 54 million subscribers as of May 4.
There's a lot to digest from Disney's earnings, but here's the line that stands out about the parks unit:
— Frank Pallotta (@frankpallotta) May 5, 2020
"We estimate the total impact of COVID-19 on segment operating income in the quarter was approximately $1.0 billion."
"While the COVID-19 pandemic has had an appreciable financial impact on a number of our businesses, we are confident in our ability to withstand this disruption and emerge from it in a strong position," said CEO Bob Chapek.
"Disney has repeatedly shown that it is exceptionally resilient, bolstered by the quality of our storytelling and the strong affinity consumers have for our brands, which is evident in the extraordinary response to Disney+ since its launch last November."
Disney shares traded up 1.23% at $102.30 in Tuesday’s after-hours session. The stock has a 52-week high of $153.41 and a 52-week low of $79.07.
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Disney's Stock Downgraded, Analyst Sees Longer-Term Coronavirus Impact
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