Disney (NYSE:DIS) earnings for fiscal second quarter of 2020 have DIS stock down after markets closed on Tuesday. This comes after reporting adjusted earnings per share (EPS) of 60 cents, which is below Wall Street’s estimate of 88 cents. However, the entertainment company’s revenue of $18.01 billion is better than analysts’ estimates of $17.81 billion.
Now, let’s take a deeper dive into the most recent Disney earnings report.
- Adjusted per-share earnings are down 63% from the $1.61 reported during the fiscal second quarter of 2019.
- Revenue for the quarter comes in 21% higher compared to 14.92 billion in the same period of the year prior.
- Operating income of $2.42 billion is a 37% decline year-over-year from $3.82 billion.
- The Disney earnings report also has it bringing in a net income of $475 million.
- That’s a 91% drop from the company’s net income of $5.43 billion reported in the same time last year.
Bob Chapek, CEO of Disney, said this about the earnings:
“While the COVID-19 pandemic has had an appreciable financial impact on a number of our businesses, we are confident in our ability to withstand this disruption and emerge from it in a strong position. Disney has repeatedly shown that it is exceptionally resilient, bolstered by the quality of our storytelling and the strong affinity consumers have for our brands, which is evident in the extraordinary response to Disney+ since its launch last November.”
Disney doesn’t include guidance in its fiscal Q2 earnings report. Many companies are currently withholding guidance due to the novel coronavirus causing problems for the economy.
DIS stock was down 2.4% after-hours Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
