The media-entertainment giant's profit plunges 91% amid the pandemic. FMTNews
SAN FRANCISCO: Walt Disney Co said Tuesday it will see an impact of some US$1.4 billion from the coronavirus in the current fiscal quarter as a result of a massive hit to its theme parks and other operations.
Revenues from its “direct to consumer” operations which include the new streaming platform to rival Netflix, jumped to more than US$4 billion in the fiscal second quarter. But the unit lost US$812 million due to expenses from its rollout.Disney said revenue for the “Parks, Experiences and Products” division fell 10% to US$5.5 billion, and segment operating income fell 58%.
“Theatrical releases and theme parks, long-time profit centres for the company, are losing money in the short-term and have no clear path to recovery until improved treatments or vaccines make consumers comfortable to venture back out into large crowds.”
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