Disney scrapped guidance for the rest of the year and suspended its dividend on Tuesday while revealing the coronavirus crisis wiped as much as $1.4bn from its quarterly operating profit.
In the first glimpse into how the pandemic has ravaged the world’s largest entertainment company, Disney reported that its net income for the three months ending in March dropped 91 per cent year-over-year, to $475m.
On an adjusted basis Disney posted earnings of 60 cents a share, down 63 per cent from a year ago and well below Wall Street forecasts for 89 cents a share.
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