SAN FRANCISCO, May 6 ― Walt Disney Co said yesterday it will see an impact of some US$1.4 billion (RM6.02 billion) from the coronavirus in the current fiscal quarter as a result of a massive hit to its theme parks and other operations. The media-entertainment giant said its profit plunged 91 per...
Walt Disney Co said its profit plunged 91 per cent to US$475 million in the period ending March 28, amid an impact from the pandemic and heavy investment in its new streaming media service Disney+. — Reuters pic
Total revenues rose 21 per cent to US$18 billion for the company, with media operations showing strong growth. 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 per cent to US$5.5 billion, and segment operating income fell 58 per cent.
“The Covid-19 pandemic transformed some of Disney's greatest strengths into its greatest vulnerabilities,” Benes said. “The approach we take may include implementation of guest capacity and density control measures as well as health and prevention procedures,” he said.
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