If you thought Disney’s fiscal second quarter was bad, the entertainment giant’s third-quarter results scheduled for Tuesday are about to be much worse.
Not to mention, Disney’s struggling stock this year. Although shares rallied 36% off the March lows, they are still down about 19% so far this year. With no end in sight for the pandemic, the worst-case scenario for Disney seems to be playing out. Fast-forward to August, and the majority of Disney’s theme parks remain closed, movie releases and production are at a standstill and live sports are just barely making a comeback.
With many of its theme parks still shuttered around the world, Disney’s free cash flow and operating income will have likely taken another massive blow in Q3. During Q2, Disney’s free cash flow tumbled 30% year-over-year to $1.91 billion. Closures of Hong Kong and Shanghai Disney parks in Q2 contributed to a 58% decline in operating income in Disney’s park segment.
However, there is a bright spot amid the COVID carnage — Disney+. The streaming service has been reaping the benefits of the recent stay-at-home culture shift. Originally slated to be released in theaters in 2021, Disney dropped a film version of Broadway smash hit “Hamilton” on Disney+ over the Fourth of July holiday weekend. It was a much-needed content jolt, and we could start seeing a lot more straight-to-streaming moves in the future.
I really thought the streaming service would help.
they deserve worse, sos much worse
xpangler Thought it was baked in lol
They released Beyoncé on July 31st for a reason. Bolster new sub number for the street. This is the mojo and it’s going to be impressive
Just about every media company is hurting so it's not like this is unexpected.
I have a feeling they will announce something major tomorrow to out way the bad and keep shareholders happy like a New Mutants Disney+ release or announcing some ABC and Fox shows coming to Disney+
Nice hat, you got some available. Not to be sarcastic or anything, but I want that hat.
Sounds wonderful to me
Will they even announce a new date for release of the live action 2020 Mulan movie (unless it is decided to go to Disney Plus in September 2020)?
had to laugh in the Mickey Mouse voice.
I think they'll be okay.
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