<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Disney (DIS) reported second-quarter sales that rose over last year, but earnings dropped and missed consensus expectations, in the shadow of the coronavirus pandemic throttling the global economy and battering Corporate America.” data-reactid=”16″>Disney (DIS) reported second-quarter sales that rose over last year, but earnings dropped and missed consensus expectations, in the shadow of the coronavirus pandemic throttling the global economy and battering Corporate America.

Here are the main results from the report, compared to consensus data compiled by Bloomberg:

  • Adjusted earnings per share: 60 cents vs. 86 cents expected, $1.61 Y/Y

  • Revenue: $18.01 billion vs. $17.68 billion expected, $14.92 billion Y/Y

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Disney’s fiscal second quarter comprised the first three months of 2020. During that period, the company’s theme parks were shuttered first in Shanghai and Hong Kong — and then throughout the world as the outbreak worsened. Those disruptions contributed to a 58% decline in operating income in Disney’s parks, experiences, and consumer products segment during the quarter, and caused previously announced furloughs of some 100,000 employees.” data-reactid=”21″>Disney’s fiscal second quarter comprised the first three months of 2020. During that period, the company’s theme parks were shuttered first in Shanghai and Hong Kong — and then throughout the world as the outbreak worsened. Those disruptions contributed to a 58% decline in operating income in Disney’s parks, experiences, and consumer products segment during the quarter, and caused previously announced furloughs of some 100,000 employees.

Disruptions from the coronavirus pandemic also dealt blows to other parts of Disney’s media empire, studio entertainment segment. While revenues in this unit grew about 20% over last year to $2.54 billion, operating income sank 13% to $466 million, citing higher film impairment and decreases in theatrical distribution, with theaters closing domestically starting around mid-March. Disney also had to push back the release dates for a number of feature films during the quarter, including including the live-action “Mulan” and Marvel Cinematic Universe’s “Black Widow.”

Disney’s media networks segment was a bright spot, with results growing on both the top and bottom lines during the quarter as strong broadcasting results offset weakness at ESPN, which has suffered as sports programming was sidelined amid the pandemic. Operating income grew 8.7% to $2.38 billion, comprising a striking 98% of Disney’s overall operating income during the second quarter.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Disney+, the nascent streaming service, could be the lone bright spot in Tuesday’s report, however. The company revealed in early April it had already amassed 50 million subscribers in the five months since its U.S. launch.” data-reactid=”24″>Disney+, the nascent streaming service, could be the lone bright spot in Tuesday’s report, however. The company revealed in early April it had already amassed 50 million subscribers in the five months since its U.S. launch.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="However, competitor Netflix (NFLX) already appears ahead of the game. It reported a far greater jump than expected in quarterly subscribers in its own earnings report in late April, suggesting strong trends in streaming overall as customers seek out entertainment while sheltering in place.” data-reactid=”25″>However, competitor Netflix (NFLX) already appears ahead of the game. It reported a far greater jump than expected in quarterly subscribers in its own earnings report in late April, suggesting strong trends in streaming overall as customers seek out entertainment while sheltering in place.

Yet disruptions to filming and producing new content are posing new threats to streaming services, with social distancing orders still in effect across much of the country.

Shares of Disney were down about 30% for the year to date through Tuesday’s close, underperforming against the broader market’s 11% decline.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="This post is breaking. Check back for updates.” data-reactid=”28″>This post is breaking. Check back for updates.

PARIS, FRANCE - MARCH 28: In this photo illustration, a remote control is seen in front of a television screen showing a Disney + logo on March 28, 2020 in Paris, France. At the request of the French government, the Disney + streaming platform has decided to postpone its launch in France to April 7. (Photo Illustration by Chesnot/Getty Images)PARIS, FRANCE - MARCH 28: In this photo illustration, a remote control is seen in front of a television screen showing a Disney + logo on March 28, 2020 in Paris, France. At the request of the French government, the Disney + streaming platform has decided to postpone its launch in France to April 7. (Photo Illustration by Chesnot/Getty Images)
PARIS, FRANCE – MARCH 28: In this photo illustration, a remote control is seen in front of a television screen showing a Disney + logo on March 28, 2020 in Paris, France. At the request of the French government, the Disney + streaming platform has decided to postpone its launch in France to April 7. (Photo Illustration by Chesnot/Getty Images)

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Emily McCormick is a reporter for Yahoo Finance.&nbsp;Follow her on Twitter: @emily_mcck” data-reactid=”41″>Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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