Walt Disney Co. on Tuesday reported that its net income fell dramatically in the three-month period that ended in June when it most of its theme parks were shuttered and theatrical movie releases were postponed. Analysts expected an adjusted loss of 64 cents per share, according to FactSet. Disney has been opening its parks back up in some capitals, but most were still shuttered during the company’s fiscal third quarter. It reopened Walt Disney World’s Magic Kingdom and Animal Kingdom, Epcot and Disney’s Hollywood Studios in Orlando, Florida, in July. Disney said closing its parks cost it US$3.5 billion during the quarter.-AP

Source: The Standard August 05, 2020 06:45 UTC