The Walt Disney Q2 FY20 revenues rise 21% to $18 billion

07 May '20

2 min read

Pic: Shop Disney

The Walt Disney, a mass media company, posted 21 per cent jump in its revenues to $18.0 billion in second quarter (Q2) FY20 ended on March 28, 2020 compared to $14.9 billion in same period prior year. Year-over-Year (YoY) revenues for six months increased 29 per cent to $38.8 billion. However, net income during the quarter fell 91 per cent to $475 million.

Revenues in Media Networks segment grew 28 per cent to $7.2 billion (Q1 FY19: $5.6 billion). Operating income for the segment increased 7 per cent to $2.4 billion

Parks, Experiences and Products segment sales decreased 10 per cent to $5.5 billion (Q1 FY19: $6.1 billion). Operating income fell 58 per cent to $639 million due to decreases at both the domestic and international parks.

Direct-to-consumer & International sales increased more than 100 per cent to $4.1 billion (Q1 FY19: $1.1 billion). Operating loss increased from $385 million in Q2 FY19 to $812 million in the reporting quarter.

“While the Covid-19 pandemic has had an appreciable financial impact on a number of our businesses, we are confident in our ability to withstand this disruption and emerge from it in a strong position,” Bob Chapek, chief executive officer, The Walt Disney Company, said in a press release.

Disney has repeatedly shown that it is exceptionally resilient, bolstered by the quality of our storytelling and the strong affinity consumers have for our brands, which is evident in the extraordinary response to Disney+ since its launch last November.”

Fibre2Fashion News Desk (JL)

More Disney store News... More Retail News - United States Of America...