The Walt Disney Company (NYSE:DIS) reported third quarter 2020 earnings results today.
Revenues fell 42% to $11.7 billion. The company reported a net loss of $4.7 billion, or $2.61 per share, on a GAAP basis. Adjusted EPS fell 94% to $0.08.
The quarterly results were impacted the most by an 85% decline in the Parks, Experiences and Products segment as the company’s theme parks were closed and cruise ship sailings were suspended for the entire quarter due to the COVID-19 pandemic.
“Despite the ongoing challenges of the pandemic, we’ve continued to build on the incredible success of Disney+ as we grow our global direct-to-consumer businesses. The global reach of our full portfolio of direct-to-consumer services now exceeds an astounding 100 million paid subscriptions,” said Bob Chapek, Chief Executive Officer, The Walt Disney Company.
As of quarter-end, Disney+ had 57.5 million paid subscribers.
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the fourth quarter of 2020, reflecting a marked increase in merchandise sales. The results also topped analysts’
The disruption caused by coronavirus has affected almost all sectors except business service providers like Cintas Corporation (NASDAQ: CTAS), which is busy helping clients maintain hygiene and safety during the
Rite Aid Corporation (NYSE: RAD) reported a narrower loss in the second quarter of 2021. Net loss shrank to $0.25 per share in the recently ended quarter from $1.49 per