The Walt Disney Company (NYSE: DIS) reported a net loss for the fourth quarter of 2020 as the entertainment giant’s revenues were impacted by the COVID-related disruption. However, the results beat the Street view.
Disney incurred an adjusted loss of $0.20 per share for the September-quarter, which indicates a deterioration from the year-ago period when the company recorded earnings of $1.07 per share. However, the latest number was better than the market’s projection.
Net loss from continuing operations was $710 million or $0.39 per share, compared to profit of $777 million or $0.43 per share in the fourth quarter of 2019. The weak bottom-line performance reflects a 23% decrease in revenues to $14.7 billion. Analysts were looking for a lower top-line number.
Read analysts/management’s comments on Disney’s Q4 2020 results
Shares of the company closed Thursday’s trading down 2%, paring a part of the recent gains. However, they regained strength soon after the earnings announcement. The stock has gained 30% in the past six months.