Disney Reports Q2 Results Before Coronavirus Pandemic Shutdowns Began
Disney have reported their Q2 FY20 earnings (which ended March 28th). It's the quarter before the parks were shut due to the Coronavirus pandemic on March 15th. So this quarter does include a couple weeks of closures of all parks, and the extended closure of Shanghai Disneyland.
Walt Disney Company: Q2 Non-GAAP EPS of $0.60 ($0.90 estimate); GAAP EPS of $0.26 ($0.73 estimate)
Revenue of $18.01B (+20.7% Y/Y) beats by $510M.
Shares are up -2.2%.
Focusing on the "Parks, Experiences and Products" segment, revenue was down 10% to $5.54B.
With parks around the world currently closed, declining ad revenue from the TV businesses, and movie theatres around the world shut, Q3 FY20 (the quarter we're in now) is inevitably going to be one of the worst quarterly declines in Walt Disney Company history.