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Home / Business / Disneyland, experience and product forecasts will report a quarterly loss of $2 billion in the third quarter earnings report tomorrow

Disneyland, experience and product forecasts will report a quarterly loss of $2 billion in the third quarter earnings report tomorrow



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.

Cinderella Castle and Magic Kingdom Avenue

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

7;s third quarter runs from April to June. Disney Springs may reopen in May, followed by the reopening of limited DVC resorts in late June, so it is thought that the company may report little or no revenue because the park itself did not officially start until July 11 Reopen in stages.

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.

Source: Reuters


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