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(Reuters) - Walt Disney Co swung to a surprise quarterly profit on Thursday, as “The Mandalorian” and “Soul” lifted its fast-growing streaming business, outweighing pandemic worries about its hobbled theme park operations.
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Investors overlooked a 53% decline in park revenue in the quarter and welcomed Disney+ streaming reaching 94.9 million subscribers. Shares rose 3.1% to $194 after they closed at an all-time high in regular trade.
The “Star Wars”-inspired “Mandalorian” series and Pixar’s animated “Soul” movie helped position the year-old Disney+ as a credible threat to the dominance of Netflix Inc in the streaming video wars.
Including Hulu and ESPN+, Disney’s paid streaming membership topped 146 million.
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Uber Posts Big Loss As Pandemic Clobbers Ridesharing, Despite Delivery Offset
02/10/21 AT 9:16 PM
Uber on Wednesday reported another hefty loss in the final three months of 2020, though the company s food delivery operations partly offset the hit taken from the decline in ridesharing during the pandemic.
Thanks to that offset, the loss of $968 million was narrowed slightly from $1.1 billion in the same period a year earlier, according to Uber.
Revenue in the quarter was $3.2 billion, a 16-percent decrease from the same period a year earlier. While 2020 certainly tested our resilience, it also dramatically accelerated our capabilities in local commerce, Uber chief executive Dara Khosrowshahi said.
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Shares in Uber Technologies Inc. dropped in after-hours trading today after the ride-hailing giant missed analysts’ predictions for its fourth-quarter earnings.
For the quarter ended Dec. 31, Uber reported gross bookings of $17.2 billion, down 5% year-over-year on revenue of $3.17 billion. Analysts had predicted a figure of $3.58 billion. Uber booked a loss of $968 million in the quarter or 54 cents per share, an improvement over a loss of $1.1 billion or 64 cents per share in the fourth quarter of 2019.
The story of Uber in 2020 amid the COVID-19 pandemic has been its shift from primarily being a ride-hailing company to being a food delivery company and in the fourth quarter, after the company’s acquisition of Postmates Inc., food delivery continues to prop up its bottom line.
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