⁍ Disney avoided the unmitigated disaster some investors feared as it eked out an adjusted profit amid the coronavirus pandemic.
⁍ The company took a nearly $5 billion charge due to the pandemic and shifting media habits.
⁍ The Disney+ streaming service, which had 60.5 million paying customers as of Monday, was a bright spot in the quarter.
– Disney lost $4.72 billion in the second quarter, thanks in large part to the closure of its parks and movie theaters due to the H1N1 virus. But the entertainment giant managed to eke out an adjusted profit of 8 cents per share, reports Reuters. That beat analysts’ expectations of a loss of 64 cents per share, and the company’s stock rose 5% in after-market trading. What you need to know:
Source: https://www.reuters.com/article/us-walt-disney-results/disney-takes-5-billion-hit-but-pandemic-impact-not-as-bad-as-feared-idUSKCN2502Q7