Covid-19 pandemic hits Disney revenue, but streaming TV sees gains

Walt Disney Co. on Thursday reported a hefty loss in the just-ended quarter as the global pandemic hit its theme parks and cinema operations, but shares rose on gains in its new streaming television service.

The media-entertainment powerhouse reported a loss of $710 million in the period ending October 3, compared with a $777 million profit in the same period a year ago. Revenue slumped 23 per cent from last year to $14.7 billion in the company’s dismal fourth quarter. But Disney shares jumped in after-hours trade on news that its recently launched streaming television service Disney+ had hit 73 million subscribers in a positive sign for the company shifting to compete with rivals like Netflix.