Bob Chapek, chairman of Walt Disney Parks and Experiences, stands for a photograph at an unveiling event of Star Wars: Galaxy’s Edge at Walt Disney Co.’s Disneyland theme park in Anaheim, California, U.S., on Wednesday, May 29, 2019.
Patrick T. Fallon | Bloomberg | Getty Images
Disney reported earnings for its fiscal third quarter of 2020 after the bell on Tuesday as it continues to feel the impact of the coronavirus pandemic on sectors like its parks business.
Disney shares were down about 2% on the report.
Here are the key numbers:
- Earnings per share: 8 cents vs. loss of 64 cents expected, according to Refinitiv
- Revenue: $11.78 billion, vs $12.37 billion expected, according to Refinitiv
Disney said it now has 100 million paid subscribers across its streaming services, which include Disney+, Hulu and ESPN+. More than half of those subscriptions are for Disney+, which now boasts 57.5 million subscribers in less than a year of service.
Here’s how Disney’s segments did in the third quarter in terms of revenue compared to the same quarter last year:
- Media Networks: $6.56 billion, down 2%
- Parks, Experiences and Products: $983 million, down 85%
- Studio Entertainment: $1.74 billion, down 55%
- Direct-to-Consumer and International: $3.97 billion, up 2%
Disney had been able to reopen some of its parks with limited capacity and new restrictions to keep visitors safe, but its Disneyland theme park and resort in California was forced to delay its expected July reopening as the state pushed back its guidelines amid rising case numbers.
The company took a $3.5 billion hit to its operating income from parks being closed during the quarter.
Revenue for the Parks, Experiences and Products segment, which includes cruises, resorts and merchandise, fell 85% to below $1 billion during the quarter.
This story is developing. Check back for updates.
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