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Disney Suffers $4.72B Loss in 3rd Fiscal Quarter as Park Revenue Collapses By 85%

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Park Revenue Collapses by 85% to Erase $4.72bn from Disney Revenue

According to the research data analyzed and published by Stock Apps, Walt Disney Co. made a $4.72 billion loss. This stood in sharp contrast to its 2019 Q3 performance when it reported a net income of $1.43 billion.

Total revenue for the period was $11.78 billion, a 42% drop year-on-year (YoY). It was significantly lower than analysts’ estimate of $12.39 billion according to FactSet.

Parks Segment Loses $3.5B as Disney+ Surpasses 60M Subscribers in 8 Months

There was a profit of 8 cents in earnings per share (EPS) against an expected loss of 64 cents per share. This marked a 94% drop YoY. One of the key reasons for the dismal performance was the closure of Disneyland and other parks and resorts.

According to a Statista report, the parks, experiences and products segment dropped from $7.4 billion in Q1 2020 to $983 million in Q3. This segment alone accounted for losses surpassing $3.5 billion, marking an 85% drop YoY. Studio entertainment was also badly hit due to theatre closures and movie release delays. It dropped from $3.76 billion in Q1 to $1.74 billion in Q3.

During the same period, most entertainment companies also suffered losses. For instance, AT&T reported an $830 million loss while Live Nation revenue declined by 98%. But Sony Corp was less badly hit thanks to its gaming section, reporting only a 1.1% decline YoY.

Among the few positive reports for Disney was the fact that Disney+ had surpassed 60.5 million subscribers. It is noteworthy that at launch, the new streaming service had the goal of reaching 60 to 90 million subscribers by 2024. In total, Disney’s paid subscribers numbered over 100 million across streaming services. Hulu had 35.5 million subscribers while ESPN+ had 8.5 million.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

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MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

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President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State

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President Buhari

President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.

The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.

Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.

President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

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Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 

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Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

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