Disney swings to loss as pandemic clobbers revenue

[LOS ANGELES] Walt Disney on Thursday said it swung to a loss in the just-ended quarter as the global pandemic hit its theme parks and cinema operations.

The media-entertainment powerhouse reported a loss of US$710 million in the period ending October 3, compared with a US$777 million profit in the same period a year ago. Revenue slumped 23 per cent from last year to US$14.7 billion.

But Disney shares jumped in after-hours trade on news that its recently launched streaming television service Disney+ had hit 73 million subscribers in a positive sign for the company shifting to compete with rival like Netflix.

AFP