Disney's revenue fell around 23 percent to 14.71 billion U.S. dollars in the quarter ended Oct. 3, surpassing the average 14.2 billion dollars in revenue that some analysts had expected. The company earned 19.11 billion dollars in the same period last year.
Diluted earnings per share (EPS) from continuing operations for the fourth quarter was a loss of 39 cents compared to income of 43 cents in the prior-year quarter. Excluding certain items affecting comparability, diluted EPS for the quarter was a loss of 20 cents compared to income of 1.07 dollars in the prior-year quarter, according to the company.
"Even with the disruption caused by COVID-19, we've been able to effectively manage our businesses while also taking bold, deliberate steps to position our company for greater long-term growth," said Chief Executive Officer Bob Chapek in a release.
"The real bright spot has been our direct-to-consumer business, which is key to the future of our company, and on this anniversary of the launch of Disney+ we're pleased to report that, as of the end of the fourth quarter, the service had more than 73 million paid subscribers -- far surpassing our expectations in just its first year," he noted.
Shares of Disney rose as much as 6 percent in after-hours trading following the better-than-expected fourth quarter earnings results.
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