Disney posts loss as parks remain closed

Disney posts loss as parks remain closed”

During the Thursday report, CEO Bob Chapek recognized that "It's been a year unlike any other in our lifetimes, and certainly in the history of the Walt Disney Co.", but also assured investors that all was not lost, as "the real bright spot has been our direct-to-consumer business, which is key to the future of our company".

Disney's direct-to-consumer division - including streaming service Disney+ which began offering U.S. broadway show Hamilton in July - has been a "bright spot" amid the pandemic, said Bob Chapek, chief executive.

Disney plans to forego its semiannual dividend as it copes with the crisis.

Disney World as well as the open parks in Shanghai and Hong Kong each generated enough revenue for the quarter to cover their costs, Disney's chief financial officer Christine McCarthy said. Once a growth engine, Disney's parks have become a drag: Properties in California remain closed and visitors to other resorts remain light, due to both virus-related restrictions and consumers' unwillingness to travel.

Behind the scenes, Disney has reorganized its corporate structure to make streaming an even bigger priority than it was before the pandemic closed movie theaters.

Analyst Eric Haggstrom of eMarketer said that the streaming service showed impressive results for Disney.

Overall, Disney managed to exceed revenue expectations of US$14.2 billion to make US$14.7 billion for the quarter, but Q4 was down by nearly 25% from US$19.1 billion in Q4 2019. Chapek did warn that the unpredictability of COVID-19 could cause disruptions.

More news: Grindelwald And Dumbledore May Share A Kiss In Fantastic Beasts 3

Disney+ and Disney+ Hotstar added over 16 million subscribers this past quarter - that's July through September - with the latter helping the most, thanks to the recently-concluded 2020 IPL season. Disney's revenue fell to $14.7 billion (compared to $19.1 billion during Q4 2019), with a loss of $0.39 per share.

He acknowledges that people are willing to visit the parks because they trust Disney and are confident in the measures that have been taken.

He continues on to say that the company is extremely disappointed in the state of California for keeping Disneyland closed.

Despite this, the company continues to suffer the impact of the Covid-19 pandemic which has ravaged its studios and parks businesses.

Disney was forced to shut its theme parks when the pandemic hit, and lay off 28,000 staff in the division after tens of thousands were on furlough for six months.

Chapek said the company has proven they're able to operate parks responsibly following strictly enforced guidelines provided by healthcare experts which he says has only boosted fans' love of the brand.

Like this



15 November 2020
Jose Abreu, Freddie Freeman Win Most Valuable Player Awards
Abreu is the third Cuban-born player to be named MVP, joining Jose Canseco (1988) and Zoilo Versalles (1965). It took him three regular season games to collect his first hit and six to hit his first homer.

14 November 2020
Katie Taylor vs Miriam Gutierrez: Where to Watch, Date, Time, and Undercard
She's also a politician, sitting as a member of the municipal council of Torrejon de Ardoz, in Madrid. It's a big boost for the women's game in the United Kingdom , indeed, the world.

14 November 2020
Olivia Wilde, Jason Sudeikis split up after 9 years
Mirror Online has contacted the couple for comment about the allegations they have split. The world had in store for all of us in the autumn".

14 November 2020
Billowing smoke reported from Denzel's mansion located in LA
Firefighters attended actor Denzel Washington's Los Angeles home after receiving reports of smoke coming from the building. The fire crews were trying hard to figure out the situation that if there was a fire inside the walls.

14 November 2020
Study Reveals Google's Play Store Is Main Distributor of Malicious Apps
According to the researchers, third party app stores were only responsible for 10.4 percent of malicious app installs. The research also points out that 10 to 24 percent Android users come across at least one unwanted app download.

14 November 2020
Sensational Sierra Leone comeback stuns Nigeria, Salah tests positive
Three-time African champions Nigeria on Friday squandered a four-goal lead to end the tie with Sierra Leone 4-4. Ahmed Musa promises Nigerians better Super Eagles outing in their next game.

14 November 2020
Coronavirus: 482 new cases and seven further deaths in Ireland
As of Friday morning, Johns Hopkins data shows that California has recorded at least 1,006,400 confirmed cases and 18,144 deaths. There are four people with COVID-19 at University Hospital Galway according to the latest HSE figures available.

14 November 2020
China finally sends 'congratulations' to Joe Biden on U.S. election win
Trump, aiming to settle political scores, said he would not ship vaccines to hard-hit NY until Democratic Gov. Andrew Cuomo signs off, noting that the state has promised to do its own review to ensure their safety.

14 November 2020
Inside Jill Biden and Prince Harry's friendship
Prince Harry faced a backlash on both sides of the Atlantic earlier this year when he became caught up in the USA election. Images over the years show he has become particularly close with Dr Jill Biden - America's next First Lady.

14 November 2020
Hackers in Russia, North Korea Targeting Vaccine Makers
But Microsoft's visibility into hackers is some of the most significant in the world, given the worldwide use of its products. North Korea's representative to the United Nations has not yet responded to messages seeking comment.