BURBANK, Calif. — (AP) Walt Disney Co. reported that its net income plummeted dramatically in the three-month period that ended in June when it most of its theme parks were shuttered and theatrical movie releases were postponed.
Still, its bottom-line results were better than analysts expected, although its revenue missed expectations.
Disney has soared to success with the breadth of its media and entertainment offerings, but now it’s trying to recover after the coronavirus pandemic pummeled many of its businesses. It was hit by several months of its parks and stores being closed, cruise ships idled, movie releases postponed and a halt in film and video production.
For quarter that ended June 27, the company posted a loss of $4.84 billion, or $2.61 per share, compared to a profit of 79 cents in the prior year quarter. Adjusted to exclude one-time items such as restructuring costs and impairment charges, it net income came to 8 cents per share. Analysts expected an adjusted loss of 64 cents per share, according to FactSet.