LOS ANGELES – Disney on Thursday reported an 82% decline in quarterly operating income, the result of steep losses at its coronavirus-devastated theme park division and the postponement of major movie releases.
But Wall Street had already decided that Disney’s overall results for the quarter, the fourth in the company’s fiscal year, would be “apropos of nothing,” as Todd Juenger, an analyst at Sanford C. Bernstein, wrote in a Nov. 2 research report. Investors are confident that Disney’s theme park empire will come roaring back when a vaccine is deployed — and all they really care about, at least for the moment, is streaming, streaming, streaming.
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