Wednesday’s Headlines: Disney’s Earnings Plummet 90%
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. The ‘Happiest Place On Earth’ wasn’t smiling on Tuesday, when Disney reported a 90% dive in profits during its second quarter. Earnings per share came in at $0.60 on revenue of $18.01 billion, compared to Wall Street expectations of $0.89 on $17.80 billion. Although its streaming segment reported a whopping 54.5 million subscribers, the coronavirus pandemic has still disrupted Disney’s theme parks and cruise businesses to the cost of more than $1 billion. Get the full earnings report here.
2. Video games are another benefactor of the world’s current ‘stay-at-home’ situation, evidenced by Activision-Blizzard reporting that net bookings jumped 21% year-over-year. The “Call Of Duty” creator brought in earnings per share of $0.65 on top of revenue of $1.52 billion, versus analyst expectations of $0.59 on $1.33 billion. The quarter’s performance has pushed Activision Blizzard to revise its 2020 full-year guidance up from $6.45 billion to $6.8 billion. Read the full story here.
3. Shares of Pinterest fell as much as 19% in after-hours trading on Tuesday after the company reported its first-quarter results. The company’s loss per share was $0.10, while revenue came in at $272 million, up 35% from the $201.9 million reported in Q1 2019, while its user base grew 26% YOY to 367 million. “While we’ve been adapting to the current environment, we will continue to invest in our strategic priorities of content, ads diversification, use case expansion, and shopping,” said CFO Todd Morgenfeld. Get the complete report here.
Elsewhere, other MyWallSt stocks reported earnings:
MercadoLibre: Often regarded as ‘the Amazon of Latin America’, MercadoLibre reported a strong first quarter with losses per share of $0.44 on top of revenue of $653.9 million. The company indicated that the worst of COVID-related problems had passed for the business.
There are 6 stocks in the MyWallSt app that will report earnings today: