Between vacations, unprecedented closures and project cancellations, it is safe to say that COVID-19 has hit the tourism industry harder than any other industry. Before the Walt Disney Company releases its third-quarter earnings tomorrow, analysts expect the company and its investors to face a bleak call.
In a new report from Reuters, Disneyland, the experience and products division estimated a loss of $1 billion in the previous quarter, compared with a loss of $2 billion in the previous quarter. The company̵
At the company’s last earnings conference call, CEO Bob Chapek still seemed optimistic. He said: “Although the COVID-19 pandemic has had a considerable financial impact on many of our businesses, we are confident that we are able to withstand this disruption and get out of trouble in a solid position.” Disney announced on the earnings call that they will forgo the semi-annual dividend payment in July, saving the company about $1.6 billion.
The Walt Disney Company will discuss its financial results for the third quarter of fiscal year 2020 through real-time audio webcasts starting at 4:30 pm Eastern Time / 1:30 pm Pacific Daylight Time on Tuesday, August 4, 2020. Webcast, so stay tuned.