Patrick T. Fallon | Bloomberg via Getty Images
Here’s what Disney reported:
- Earnings per share (EPS): 60 cents, ex-articles
- Returned: $ 18.01 billion
Wall Street had anticipated earnings per share of 89 cents on revenue of $ 17.80 billion, according to estimates from the Refinitiv consensus. However, it is difficult to compare the reported earnings to Disney’s second quarter analysts’ estimates, as the pandemic continues to hit global economies and makes the impact of earnings difficult to assess.
This is the first report on the results with Bob Chapek at the helm of Disney, after former CEO Bob Iger announced in February that he will be taking over as executive chairman. Iger was due to retire at the end of 2021, but told investors he had decided to retire to focus on creative projects now that big companies like the Fox merger and the Disney + launch were behind him.
The impact of the pandemic was particularly pronounced in its Parks, Experiences and Products segment. Disney estimated the impact on its operating income for this segment to be approximately $ 1 billion, primarily due to lost revenue from the closings. The company reported a 58% drop in segment revenue this quarter compared to the same period last year.
This story is developing. Check back for updates.
Disclosure: Universal Studios theme parks are owned by NBCUniversal, the parent company of CNBC.
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