The Walt Disney reports net loss of $4.7 bn in Q3 FY20

10 Aug '20

1 min read

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The Walt Disney, a US-based mass media company, has reported 42 per cent revenues decline to $11.7 billion in its third quarter (Q3) fiscal year 2020 ended on June 27, 2020 compared to the revenues of $20.2 billion in same period last year. Company incurred a net loss of $4.7 billion compared to net income of $1.4 billion in Q3 FY19.

Revenues from Media networks fell 2 per cent to $6.5 billion (Q3 FY19: $6.7 billion). Whereas, direct-to-consumer & international revenues rose 2 per cent to $3.9 billion (Q3 FY19: $3.8 billion).

“Despite the ongoing challenges of the pandemic, we’ve continued to build on the incredible success of Disney+ as we grow our global direct-to-consumer businesses,” Bob Chapek, chief executive officer, The Walt Disney Company, said in a press release.

“The global reach of our full portfolio of direct-to-consumer services now exceeds an astounding 100 million paid subscriptions a significant milestone and a reaffirmation of our DTC strategy, which we view as key to the future growth of our company,” Chapek said.

Fibre2Fashion News Desk (JL)

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