Tomorrow won't be pretty... $DIS
If you thought Disney’s fiscal second quarter was bad, the entertainment giant’s third-quarter results scheduled for Tuesday are about to be much worse.
Not to mention, Disney’s struggling stock this year. Although shares rallied 36% off the March lows, they are still down about 19% so far this year. With no end in sight for the pandemic, the worst-case scenario for Disney seems to be playing out. Fast-forward to August, and the majority of Disney’s theme parks remain closed, movie releases and production are at a standstill and live sports are just barely making a comeback.
With many of its theme parks still shuttered around the world, Disney’s free cash flow and operating income will have likely taken another massive blow in Q3. During Q2, Disney’s free cash flow tumbled 30% year-over-year to $1.91 billion. Closures of Hong Kong and Shanghai Disney parks in Q2 contributed to a 58% decline in operating income in Disney’s park segment.
However, there is a bright spot amid the COVID carnage — Disney+. The streaming service has been reaping the benefits of the recent stay-at-home culture shift. Originally slated to be released in theaters in 2021, Disney dropped a film version of Broadway smash hit “Hamilton” on Disney+ over the Fourth of July holiday weekend. It was a much-needed content jolt, and we could start seeing a lot more straight-to-streaming moves in the future.
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