Disney Loses Nearly $5 Billion as Pandemic Slams Theme Parks--Update
August 04 2020 - 5:12PM
Dow Jones News
By R.T. Watson
Walt Disney Co. said it lost nearly $5 billion in the quarter
ended June 27, as the majority of its business segments reeled amid
global efforts to curb the spread of the coronavirus by shutting
down public spaces.
Crippled by sweeping social-distancing measures, Disney's
earnings fell drastically during the company's third fiscal quarter
as it lost $4.72 billion, versus a profit of $1.43 billion in the
year-earlier period. Total revenue fell by 42% to $11.8 billion
from $20.3 billion in 2019.
As expected, Disney's theme-parks business was hit the hardest.
The company estimated the pandemic had a roughly $3.5 billion
negative impact on the segment, which it said lost $1.96 billion in
the quarter, compared with $1.72 billion operating income a year
earlier.
The company's domestic parks, resorts, cruise lines and
Disneyland Paris were all closed during the entire quarter.
Disney's Shanghai Disney Resort and Hong Kong Disneyland were able
to operate for a portion of the quarter.
Disney shares were up about 1% in after hours trading.
(END) Dow Jones Newswires
August 04, 2020 16:57 ET (20:57 GMT)
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