Walt Disney Co.’s streaming service, Disney+, proved again to be a big plus during a pandemic that has all but shuttered the Magic Kingdom’s other businesses. And that had Disney shares up 3% in after-hours trading Thursday.
After adjusting for restructuring charges and other effects, Disney reported earnings of 32 cents a share, down from $1.53 a share in the year-ago quarter. Analysts on average expected Disney to report an adjusted loss of 34 cents a share on sales of $15.9 billion, according to FactSet. Disney’s Media and Entertainment Distribution, which includes Disney+, brought in $12.66 billion for the quarter, a decline of 5% from the same quarter a year ago before the pandemic swept across the country. The Disney Parks, Experiences and Products unit took in $3.6 billion, down 53% year-over-year as many Disney parks and its cruise line remain closed. The flagship Disneyland Park in Anaheim, Calif.
Then, when tourism resume in the world they will have a queue of al least 2 years to get in the parks.