Brent Lang Executive Editor of Film and MediaCoronavirus took a big chunk out of the Walt Disney Company’s profits during its most recent quarterly results, but the popularity of Disney Plus helped cushion the blow of the pandemic.
It also helped the company beat Wall Street’s diminished expectations.The family entertainment giant reported adjusted earnings per share of 32 cents for the period ending on January 2, down from $1.53 from the year-ago period.
That’s a significant decline, but not the losses that the investment community had expected to see. Revenues at the conglomerate dropped 22% from $20.9 billion to $16.2 billion.The report comes as the COVID-19 public health crisis has upended several key tenets of the company’s business,.
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