The Walt Disney Company (NYSE:DIS)today reported earnings for its second fiscal quarter ended March 28, 2020.
In a SEC filling published today Disney CEO Bob Chapek said:”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. 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.”
The key takeaways from this quarter results are as follows:
- Diluted earnings per share (EPS) from continuing operations for the quarter decreased 93% to $0.26 from $3.53 in the prior-year quarter
- EPS from continuing operations for the six months ended March 28, 2020 decreased 73% to $1.44 from $5.42 in the prior-year period
- Results in the quarter and six months ended March 28, 2020 were adversely impacted by the novel coronavirus (“COVID-19”) pandemic.
- Media Networks revenues for the quarter increased 28% to $7.3 billion, and segment operating income increased 7% to $2.4 billion
- Cable Networks revenues for the quarter increased 17% to $4.4 billion and operating income increased 1% to $1.8 billion.
- Broadcasting revenues for the quarter increased 49% to $2.8 billion
- Studio Entertainment revenues for the quarter increased 18% to $2.5 billion
- Disney+, ESPN+ and Hulu subscriptions are up 27% to 32,100,000
The Walt Disney Company estimates the coronavirus impact on operating income at their Parks, Experiences and Products segment was approximately $1.0 billion primarily due to revenue lost as a result of the closures.
Stocks of Walt Disney Co (NYSE: DIS) are down 2.05% today and closed at $101.06 on Tuesday.