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In late January, the SARS-CoV-2 coronavirus began hitting companies in Disney’s global portfolio when the company closed Shanghai Disney Resort and Hong Kong Disneyland.
The US group Walt Disney announced on Tuesday that in the first half of its current fiscal year, its net profits reached 2,608 million dollars, 68% less than in the same period of the previous fiscal year, when the positive balance was 8,219 million , due to the coronavirus pandemic and mainly to the closure of its large theme parks.
The company, based in Burbank (California), reported that in the semester closed on March 31 its earnings per share was only $ 1.44, compared to the $ 5.42 it had in the first half of its fiscal year. previous fiscal, which represents a decrease of 73%.
Semi-annual income, on the other hand, grew by 29%, to $ 38,867 million.
Regarding the results of the most recent quarter, the one most followed by Wall Street analysts today, Walt Disney had a net profit of $ 475 million, 91% less than in the same quarter of the previous fiscal year, when the amount reached to 5,431 million.
Quarterly revenue, however, grew 21% to $ 18.009 million, and adjusted earnings per share was 60 cents from January to March, 63% less than the previous year and less than the expected 89 cents by analysts.
Disney shares rose less than 1% in e-commerce after Wall Street’s hours closed, after losing 2% during the New York Stock Exchange session. Before the earnings report, Disney shares had lost more than a quarter of their value this year.
In late January, the SARS-CoV-2 coronavirus began hitting companies in Disney’s global portfolio when the company closed Shanghai Disney Resort and Hong Kong Disneyland.
In mid-March, all of the company’s theme parks were closed, theaters were turned off, and television and film production was put on hold. Additionally, Disney’s ESPN sports network ran out of major live sports to stream.
“Overall, we estimate that the impact of COVID-19 on our current quarterly revenue from continuing operations before taxes on all of our businesses was up to $ 1.4 billion,” Disney said, adding that $ 1 billion of that amount comes from losses of theme parks.
Disney is expected to be more successful in the current quarter, which ends in June.
One area that is gaining as the public takes refuge at home is Disney +, the streaming service the company launched in November. The company announced on April 8 that Disney + had subscribed to more than 50 million paying subscribers.
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