Disney's quarterly profit of 8 cents per share on an adjusted basis beat expectations of a 64 cents-per-share loss, sending shares up 5% in after-market trade on the New York Stock Exchange. COVID-19 wiped out $3.5 billion in operating profit in the parks division.
Read more from The New York Times.
I don't think that the real story is the hit the theme parks took, it's the fact that the rest of the business propped up the company enough to actually still have a profitable quarter. That's insane.
I would have taken long odds against a profit of any kind.
Interesting that the analysts were off as much as they were. Looks like they were expecting about $1 billion loss for the quarter. Revenues were $600 billion less than estimates yet income was a little over a $1 billion higher than estimates. Guess they did a lot better with expenses. 2% decrease for media networks revenue but a 48% increase in segment operating income (about $1 billion) is interesting to see. Given revenue difference to the estimates, cost estimates were off by about $1.7 billion. Big miss. Maybe there is a lack of visibility on some of the media network contracts.
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