Disney (DIS) Q4 2020 earnings

A Disney cast member welcomes guests to Magic Kingdom Park at Walt Disney World Resort on July 11, 2020.(Photo by Matt Stroshane/Walt Disney World Resort via Getty Images)Disney reported earnings after the bell. Here are the results.Loss per share: 20 cents, vs 71 cents expected, according to Refinitiv survey of analystsRevenue: $14.71 billion, vs $14.20 billion expected, according to RefinitivDisney said its streaming service, Disney+, now has 73 million paid subscribers as of the end of the fourth quarter.Shares rose as much as 6% after hours.The Covid-19 pandemic has most significantly impacted Disney’s parks division due to local restrictions that have forced temporary closures or limited capacity. Disneyland Resorts has remained closed as California restrictions prevent it from operating due to the level of Covid-19 cases in the surrounding county. It has been able to reopen its theme parks in Florida, Shanghai, Japan and Hong Kong with limited capacity. However, Paris Disneyland was forced to close in late October and will not reopen until 2021. Disney estimated that the net adverse impact of Covid-19 on the parks division operating income was about $2.4 billion in the fourth quarter.Disney estimated in its earnings release that costs related to the pandemic will total roughly $1 billion in fiscal year 2021, though it said changes to local restrictions could alter that figure.Here’s how Disney’s segments did in the fourth quarter in terms of revenue compared to the same quarter last year:Parks, Experiences and Products: $2.58 billion, down 61% year over yearMedia Networks: $7.21 billion, up 11% year over yearStudio Entertainment: $1.60 billion, down 52% year over yearDirect-to-Consumer and International: $4.85 billion, up 41% year over yearThis story is developing. Check back for updates.Disclosure: NBCUniversal is the parent company of Universal Studios and CNBC.Subscribe to CNBC on YouTube.WATCH: Shanghai Disneyland reopens for first time since coronavirus pandemic

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