Wall Street was favorably shocked by the online fashion products brand Farfetch Limited (FTCH) which rose 5.69 percent. It posted very strong 71 percent quarterly sales, taking advantage of lockdown measures to force customers to buy online. As a result, in the fiscal third quarter, the company reduced its losses.
With its theme parks closed, doors of film studios shut downed and cruise subsidiary blocked, getting a harder hit by coronavirus impact, The Walt Disney Company (DIS) rose up 2.10 percent on Friday reported its first annual loss in 40 years. But on the other hand, stay-at-home measures also helped the company’s Disney+ streaming video service adding 73.7 million users in just first year of its launch. The Disney+’s popularity and cost saving measures partially helped the company to post lesser losses than analysts had feared.
Including restructuring costs, after adjustments, net loss per share was 20 cents on sales of $14.71 billion, while analysts were estimating after adjustments loss of 71 cents per share with revenue generation of $14.15 billion.
Disney’s total number of subscribers after adding 10.3 million subscribers to its sports channel ESPN and 36.6 million attached to its streaming service Hulu, now reached to more than 120 million subscribers.
In the midst of a health crisis, Manchester United Plc (MANU) rose up 1.5% on Friday. The Wall Street-listed English football club has reported a 20 percent decrease in sales for the quarter. The club announced a loss of 30.3 million pounds for the quarter ended September 2020, around $39.7 million, with revenues of 109 million pounds.
Gilead Sciences Inc (GILD) concluded the week with a rise of 1.01 percent. In an interview with Reuters, the President of the European Society of Intensive Care Medicine (ESICM) warned against the use of remdesivir as a standard treatment for patients in critical condition with Covid-19.