In its quarterly earnings call with investors on Tuesday afternoon, home-bound Disney executives offered sobering assessments of the impact of the coronavirus outbreak on the multinational entertainment company's businesses. With closures of its theme parks, resorts and cruise ships, a shuttered movie business and declining television ad revenue, the company estimates losses to be,"as much as $1.4 billion" in the second quarter of 2020.
As the nation's largest media conglomerate, Disney's brands include Pixar, Marvel, Star Wars, as well as 21st Century Fox, ABC and ESPN. Disney also controls Hulu and launched its new streaming service, Disney+, last November. During the call, Disney CFO Christine McCarthy announced the Board's decision to forgo paying a cash dividend for the first half of fiscal 2020, saving the company about $1.6 billion in cash."It makes sense," says Hodulik. Since Disney furloughed more than 100,000 employees,"there's no reason why the shareholders shouldn't have to share in some of the pain," he says.
So sad!
Boo fuckin hoo
SO!!!?
People that go there should be shuttered.
Let em host the remainder of the NBA season 😀
They own half the planet. I think they’ll make it.
Good. Fuck Disney.
If you dropped the prices they would make up the difference quickly
Oh, I'm sure Trump and Congress will rush in to give 'em a bail out while telling citizens they need to make that $1200 check they got (IF they even got one) last at least 10 weeks. Socialism for corporations and the wealthy, austerity for the lower and middle classes.
Breaks my heart! Not
Is that one of thhe 7 movies that made that much last year? Oh I'm a worried about this. I love Disney and the parks but 1.4b is nothing for them.
'Money not earned as expected' shouldnt be called a loss. This is a sales decline, and its easy to get a big number that way to try to generate sympathy, which isnt coming from twitter comments
Abeg!! Must you guys make money everytime
The still own ABC.
It shows how much money they were used to raking in year after year!
Yeah I'm sure that hurts 🙄
I’d pity Disney if they didn’t charge ridiculous amounts of money to get into their parks. I think they’ll be fine.
I cant feel bad for an entity that owns boats, amusement parks, mansions and film rights. If un regulated capitalism is your king....Too bad, you can always pull yourself up my your bootstraps
boo-hoo
Ya that's a lot of money. But Orlando Florida is all hospitality workers. It has over 100,000 workers. Big payroll. Just say'n
And thousands of workers without jobs and the ability to feed their families
A drop in the bucket for them! Save me the sob story!!
Oh well
They’ll just raise prices like they always do and the crazies will still fork over there money
I’ve been trying t encourage my clients to take their kids anywhere but Disney World. Take em to Europe, South Africa, a dude ranch, make em work on a dairy farm, idk. But two trips a year to Disney world isn’t necessary.
Perhaps this will cause these companies to divest assests. Does Disney need parks, cruise lines and a networks and film?
Boo fucking hoo
They won't suffer, unlike the rest of us...
Hot damn that’s what they make in two months time?!
Not nearly enough
good
I am sure the government will bail them out
They'll be alright.
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