Thread by @Matt_Cochrane7

1/ $DIS 2020 Q3 earnings are out:

Revenue $11.8B, ⬇️ 42% YOY
Diluted EPS $0.08,⬇️ 94% YOY
FCF $454M (actually up from -$3B YOY)

CEO Bob Chapek: "Global reach of our full portfolio of direct-to-consumer services now exceeds an astounding 100 million paid subscriptions..."

2/ $DIS Parks, Experiences, and Products segment:

Revenue $1B, ⬇️85%
Operating income ($2B) ⏩ that's negative $2B

Impact of COVID-19 felt most significantly in this segment, estimated hit to segment's operating income estimated to be $3.5B.

3/ $DIS Media Networks segment:

Cable networks rev $4.03B, ⬇️10%
Cable op income $2.5B, ⬆️50%

Broadcast rev $2.5B, ⬆️12%
Broadcast op income $477M, ⬆️55%

The increase in op income was due to lower programming costs, namely production shutdowns on ABC, no fees to NBA/MLB

4/ $DIS Studio Entertainment segment:

Revenue $1.7B, ⬇️55%
Op income $668M, ⬇️16%

Theaters were shut down and no big releases negatively impacted sales (obviously)

TV/SVOD rev was up from sales of content to Disney+

5/ $DIS Direct-to-consumer & Int'l segment

Revenue $4.0B, ⬆️2%
Op income ($706M)

The big news is that Disney+ had 57.5M subs at end of quarter, ESPN+ 8.5M subs, total Hulu 35.5M subs

More good thoughts on $DIS quarter from @taralach here:

bloomberg.com/opinion/articl…