The Walt Disney Co. moved to a loss in its second quarter, hampered by significantly higher restructuring and impairment charges, but its adjusted profit topped Wall Street’s view and its streaming business was profitable
The Walt Disney Co. moved to a loss in its second quarter, hampered by restructuring and impairment charges, but its adjusted profit topped expectations and its streaming business turned a profit. Theme parks also continued to do well.
For the period ended March 30, Disney lost $20 million, or a penny per share. That compares with a profit of $1.27 billion, or 69 cents per share, a year ago. Restructuring and impairment charges surged to $2.05 billion from $152 million in the prior-year period. Adjusted earnings were $1.21 per share, easily beating the $1.12 per share that analysts polled by Zacks Investment Research predicted. The Burbank, California, company's revenue rose to $22.08 billion from $21.
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