Disney takes US$1.4B hit from coronavirus as theme parks, movie theatres close
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torontosun.comWalt Disney Co missed Wall Street’s lowered earnings forecasts on Tuesday and estimated global coronavirus lockdowns cut profits by US$1.4 billion, mostly from its shuttered theme parks.Disney posted adjusted earnings per share of 60 cents for January through March, down 63% from a year earlier and short of the 89 cents expected by analysts, according to IBES data from Refinitiv.Disney shares rose less than 1% in after-hours trade, after losing 2% during the regular session.
Before the earnings report, Disney’s shares had lost more than one-quarter of their value this year.Just three months ago, Disney was boasting about a record year for its movie studio and a strong start to the company’s dive into the streaming media wars.In late
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