SHANGHAI: Walt Disney estimated on Tuesday (May 6) that global measures to contain the COVID-19 pandemic cut profits by US$1.4 billion, mostly ...
SHANGHAI: Walt Disney estimated on Tuesday that global measures to contain the COVID-19 pandemic cut profits by US$1.4 billion, mostly from its shuttered theme parks, but said it would reopen Shanghai Disneyland to a reduced number of visitors next week.
"While it's too early to predict when we'll be able to begin resuming all of our operations, we are evaluating a number of different scenarios to ensure a cautious, sensible and deliberate approach to the eventual reopening of our parks," Chapek said.Just three months ago, Disney was boasting about a record year for its movie studio and a strong start to the company's dive into the streaming media wars.
Disney posted adjusted earnings per share of 60 cents for January through March, down 63 per cent from a year earlier and short of the 89 cents expected by analysts, according to IBES data from Refinitiv. Net income from continuing operations dropped 91 per cent to US$475 million. Executives, whose salaries have also been reduced, said they were optimistic that Disney would rebound once the coronavirus crisis subsides.
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