Disney's (DIS) profit dropped a whopping 91% during the first three months of 2020, revealing the widespread damage that the coronavirus pandemic has brought on its media empire.
Although sales for its second quarter were up 21% to $18 billion, Disney's profit took an enormous hit from the closure of its twelve theme parks as well as mammoth costs associated with getting the Disney+ streaming service off the ground.
The company's parks, experiences and products unit was hit particularly hard by the outbreak. That segment's operating income dropped a staggering 58% compared to last year — a result of Disney shuttering its theme parks and resorts around the world.
Disney's stock fell roughly 2% in premarket trading. Read more here.
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May 06, 2020 at 06:35PM
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