Disney reports 58% drop in operating income from parks and cruises, its worst-hit segment
Disney reported mixed results for its Q2 2020 earnings after the bell on Tuesday. The stock jumped around on the news of the report but was down more than 2% after hours following the earnings call. The coronavirus pandemic has disrupted Disney’s theme parks and cruise businesses but boosted engagement on its newly-launched streaming service, Disney+.
Here’s what Disney reported:
- Earnings per share (EPS): 60 cents, ex-items
- Revenue: $18.01 billion
Wall Street had been anticipating earnings per share of 89 cents on revenue of $17.80 billion, based on Refinitiv consensus estimates. However, it’s difficult to compare reported earnings to analyst estimates for Disney’s second quarter, as the pandemic continues to hit global economies and makes earnings impact difficult to assess.