LOS ANGELES — Walt Disney Co on Tuesday reported financial results that avoided the unmitigated disaster some investors feared as it eked out an adjusted profit amid the coronavirus pandemic that shut down parks, movie theaters and sporting events globally. COVID-19 wiped out $3.5 billion in operating profit in the parks division. Investors overlooked total revenue that fell short of expectations by nearly $600 million and focused on divisions including parks and its media networks whose declines in revenue were not as bad as expected. The Disney+ streaming service, which now reaches 60.5 million customers as of Monday, has also been a bright spot in the quarter, Bob Chapek, Disney chief executive, told analysts on Tuesday. Disney had 54.5 million subscribers as of May 4.

Source: International New York Times August 04, 2020 20:26 UTC