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Thursday, December 3, 2020

Walt Disney closes the fiscal year with $2,832 million losses

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Revenue over the past twelve months was $65,388 million, 6% less than the $69,607 million achieved in 2019.

The Walt Disney group announced this Thursday that it closed its fiscal year 2020 with a net loss of $2,832 million, compared to the net benefits of $10,425 million achieved in the same period last year, due to the crisis triggered by the pandemic of covid-19, but with a portfolio of 73 million subscribers on its online platform “Disney +”, which is one year old.

In a statement, the company notes that the annual net loss per share was $ 1.57, compared to $ 6.27 in profit last year.

Revenue over the past twelve months was $65,388 million, 6% less than the $69,607 million achieved in 2019.

Compared to the fourth quarter of the fiscal year 2020, the one most followed by Wall Street analysts, net losses were $ 710 million, while in the same period last year the entertainment empire closed with a profit of $ 777 million.

Losses also affected its shares, which, between July and September, were left $0.39, compared to profits of $0.43 achieved in the same period in 2019.

The data, released at the close of Wall Street, nevertheless exceeded the expectations of analysts who had anticipated that losses per share in the fourth quarters of 2020 would be around $ 0.70.

The company’s behavior above expectations encouraged investors and Disney shares rose around 6% in electronic operations after the closing of the New York stock market.

In its report, Walt Disney, which is listed on the Dow Jones, said that its on-demand television service “Disney +” currently has 73 million paying subscribers.

In this sense, the executive director of Walt Disney, Bob Chapek, assured that “The real bright spot has been our direct-to-consumer business, which is key to the future of our company, and on this anniversary of the launch of Disney+ we’re pleased to report that, as of the end of the fourth quarter, the service had more than 73 million paid subscribers – far surpassing our expectations in just its first year.”

However, the COVID-19 pandemic has significantly impacted its recreational parks in the United States and other parts of the world, such as Paris, Shanghai, Japan and Hong Kong.

While some of them, such as those in California and Paris, are closed, others have been able to reopen with limitations.

According to the company, in the fourth quarter of its fiscal year, these closings have caused losses of around $ 2.4 billion.

Specifically, the Parks, Services and Products service achieved 16,502 million in revenue in the last twelve months, compared to 26,225 million in the same period of 2019, that is, 37% less.

“Even with the disruption caused by COVID-19, we’ve been able to effectively manage our businesses while also taking bold, deliberate steps to position our company for greater long-term growth,” Chapek said.

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