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.
Click here to read the transcript of Walt Disney Q3 2020 earnings conference call