Later this week, Walt Disney Co., the Burbank, California-based American multinational entertainment company, had beaten an analysts’ estimate for quarterly revenues over the third quarter of the year that ended on September 30, as the American mass media and entertainment conglomerate’s rapidly surging streaming video business alongside a resumption of its theme parks had bolstered analysts' beliefs that the worst of pandemic’s fiscal fallouts might be over for Disney.
Besides, followed by the release of its upbeat quarterly revenue on Q3, 2020, NYSE-listed shares’ prices of Walt Disney Co. wrapped up Friday’s session 2.10 per cent higher to $138.36 apiece after rising as much as 5.6 per cent in Thursday’s after-market trading.
Disney beats estimates for Q3 revenues
On top of that, according to Walt Disney Co.’s quarterly earnings’ report that was released later this week, the entertainment giant had reported a 23 per cent plunge in overall revenue to $14.71 billion over Q3, beating an analysts’ estimate of an overall revenue of $14.20 billion, while on an adjusted basis, Walt Disney Co.
had reported a loss of 20 cents per share, beating a horrendous Wall St. forecast of 70 cents in losses per share. Besides, since the pandemic outbreak had bottlenecked traffics at its theme parks and movie studios, Disney had centred its focus on streaming business in a well-timed manner as consumers stuck at home, had ramped up Disney+ subscriptions, while the company was quoted saying at its quarterly earnings’ report that the its video streaming service, Disney+, had signed up 73.7 million subscriptions over the third quarter of the year.
In tandem, Hulu and ESPN+ had secured 36.6 million and 10.3 million paid subscribers respectively. Meanwhile, citing a through-and-through optimism over the entertainment conglomerate’s streaming media business, Disney Chief Executive, Bob Chapek said in a post-earnings conference call, “We are going to continue to ramp up our investment in streaming. ”