The Burbank entertainment and media giant reported on Thursday net income of $18 million (2 cents a share) for the quarter ending Jan. 2, compared with net income of $2.1 billion ($1.17) in the same period a year earlier. Revenue decreased 22 percent to $16.2 billion.
Adjusted earnings were 32 cents for the quarter compared to $1.53 for the fourth quarter of the prior year.
Analysts on average expected a loss of 41 cents on revenue of $15.9 billion, according to Thomson Financial Network.
Chief Executive Bob Chapek said that with the strategic changes at the company, growth and enhanced shareholder value will follow.
“We’re confident that, with our robust pipeline of exceptional, high-quality content … we are well-positioned to achieve even greater success going forward,” Chapek said in a statement.
Revenue in the entertainment and media distribution segment decreased by 5 percent to $12.6 billion, while that of the parks, experiences and products division went down by 53 percent to $3.6 billion.
Disney theme parks have been hit particularly hard by the coronavirus pandemic as they remain closed or operate at limited capacity and cruise ship sailings have been suspended.
“The impacts of COVID-19 on our Disney Media and Entertainment Distribution segment were less significant,” the company said in a release. “Lower revenues due to the deferral or cancellation of significant film releases as a result of theater closures were largely offset by the related reduction in film cost amortization, marketing and distribution costs.”
Shares of Disney (DIS) closed Thursday up $1.28, or less than a percent, to $190.91 on the New York Stock Exchange.
BlackLine Inc. beat Wall Street estimates on earnings and revenue for the fourth quarter.
The Woodland Hills accounting software developer reported on Thursday adjusted net income of $13 million (21 cents a share) for the quarter ending Dec. 31, compared to adjusted net income of $8 million (14 cents) in the same period a year earlier. Revenue increased by 19 percent to $95.7 million.
Analysts on average expected earnings of 8 cents on revenue of $91.6 million, according to Thomson Financial Network.
Chief Executive Marc Huffman said that he was proud of what the company accomplished last year and that in these difficult times, it remained true to its founding principle of serving its customers.
“The value we bring to market is resonating now more than ever with CFOs and controllers who are looking to modernize their accounting processes and we believe our commitment to customer success will continue to serve as a differentiator for BlackLine,” Huffman said in a statement.
Shares of BlackLine (BL) closed Thursday up $2.37, or 1.6 percent, to $150.37 on the Nasdaq, on a day when that market closed up a fraction of a percent.