Walt Disney Q4 Results Beat Street View, Shares Up 6%

(RTTNews) - Shares of Walt Disney Co. (DIS) rose 6% on extended session on Thursday after the media and entertainment giant's fourth-quarter results trumped Wall Street estimates.

Burbank, California-based Disney reported a fourth-quarter loss $710 million or $0.39 per share, compared with last year's profit of $777 million or $0.43 per share.

Adjusted loss for the quarter were $0.20 per share, compared to adjusted earnings of $1.07 per share last year. On average, 22 analysts polled by Thomson Reuters estimated a loss of $0.71 per share.

Revenues for the quarter slipped 23% to $14.71 billion from last year's $19.12 billion last year. Analysts had a consensus revenue estimate of $14.20 billion.

The company said its results for the quarter were adversely impacted by the COVID-19 pandemic, most significant impact was at the Parks, Experiences and Products segment where since the second quarter parks and resorts have been closed or operating at significantly reduced capacity and cruise ship sailings have been suspended.

Media networks segment's revenues rose 11% to $7.21 billion, while parks, experience and products unit's revenues tanked 61% to $2.58 billion.

Studio entertainment revenues plunged 52 percent to $1.60 billion, while direct-to-consumer and international revenues rose 41% to $4.85 billion.

DIS closed Thursday's trading at $135.52, down $2.30 or 1.67%, on the Nasdaq. The stock, however, gained $8.16 or 6.02% in the after-hours trade.