The Walt Disney Company has reported earnings for its first fiscal quarter ended January 2, 2021. With Walt Disney World still at 35% park capacity and Disneyland remaining closed, the earnings reports show the hit COVID-19 has taken on The Walt Disney Company.
As reported by The Walt Disney Company: Diluted earnings per share (EPS) from continuing operations for the quarter decreased 98% to $0.02 from $1.17 in the prior-year quarter. Excluding certain items,(1) diluted EPS for the quarter decreased 79% to $0.32 from $1.53 in the prior-year quarter. Results in the quarter ended January 2, 2021 were adversely impacted by the novel coronavirus (COVID-19). The most significant impact was at the Disney Parks, Experiences and Products segment where since late in the second quarter of fiscal 2020, our parks and resorts have been closed or operating at significantly reduced capacity and our cruise ship sailings have been suspended.
“We believe the strategic actions we’re taking to transform our Company will fuel our growth and enhance shareholder value, as demonstrated by the incredible strides we’ve made in our DTC business, reaching more than 146 million total paid subscriptions across our streaming services at the end of the quarter,” said Bob Chapek, Chief Executive Officer, The Walt Disney Company. “We’re confident that, with our robust pipeline of exceptional, high-quality content and the upcoming launch of our new Star-branded international general entertainment offering, we are well-positioned to achieve even greater success going forward.”
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To view the all the numbers and full report, visit The Walt Disney Company website. We’ll continue to hope with the increase in COVID-19 vaccinations, numbers will one day return for the company, bringing back more Cast Members and magical experiences!