(Reuters) – Walt Disney Co (DIS.N) missed Wall Street’s lowered earnings forecasts on Tuesday and estimated global coronavirus lockdowns cut profits by $1.4 billion, mostly from its shuttered theme parks.
FILE PHOTO: The sign of Walt Disney Studios Park is seen at the entrance of Disneyland Paris, in Marne-la-Vallee, near Paris, France, March 9, 2020. REUTERS/Benoit Tessier
Disney posted adjusted earnings per share of 60 cents for January through March, down 63% from a year earlier and short of the 89 cents expected by analysts, according to IBES data from Refinitiv.
Disney shares rose less than 1% in after-hours trade, after losing 2% during the regular session. Before the earnings report, Disney’s shares had lost more than one-quarter of their value this year.
Just three months ago, Disney was boasting about a record year for its movie studio and a strong start to the company’s dive