Walt Disney Reports 101.5 Million Streaming Subscribers
Media powerhouse Walt Disney (NYSE: DIS) reported third-quarter results after the closing bell on Tuesday. The COVID-19 pandemic slashed Disney's revenue and profits to the bone, but the company still reported positive adjusted earnings and free cash flow.
Disney's sales fell 42% year over year to $11.8 billion. Theme park revenue came in 85% lower and studio entertainment posted a 55% sales drop. Other divisions proved to be less vulnerable to coronavirus effects. For Disney's media networks, sales came in 2% below the year-ago reading. Direct-to-consumer (DTC) sales increased by 2%.
On the bottom line, Disney posted a $4.8 billion net loss from continuing operations. That works out to a loss of $2.61 per share under generally accepted accounting principles (GAAP). That loss includes a $5 billion non-cash charge for restructuring and intangible asset impairments related to Disney's international broadcast TV operations. Adjusted earnings came in at $0.08 per share after backing out these charges and other non-cash items.
Source Fool.com
