By Allison Prang

Walt Disney Co. reported its second consecutive quarterly loss as the Covid-19 pandemic continued to affect the entertainment company's results.

Disney said it had a fourth-quarter loss of $710 million, or 39 cents a share. That follows the loss it reported for the third quarter, which was Disney's first quarterly loss since 2001.

Disney said it had a total of 73.7 million paid Disney+ subscribers at the end of the quarter. That rose from 57.5 million at the end of the third quarter. The company recently announced a reorganization that gives priority to streaming amid a pandemic-driven shift in consumption habits where streaming platforms have dominated traditional entertainment channels such as movie theaters.

For the fourth quarter, the company reported operating losses in its parks, experiences and products segment and in its direct-to-consumer and international segment. The pandemic has stymied the company's theme park business and weighed on production for its streaming platform, Disney+.

Disney's adjusted loss was 20 cents a share. That was a smaller loss than analysts were expecting, according to FactSet.

The company logged revenue of $14.71 billion, which fell 23% from a year ago. Analysts were expecting $14.15 billion.

Shares rose 5.8% in after-hours trading.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

11-12-20 1640ET