A sign of what the pandemic is doing to one of America's largest and best-known companies: Walt Disney Co. profit dropped more than 90 percent in the second quarter, the company reported this morning. Executives said that COVID-19 cost the media giant more than $1 billion in profit just in its theme-parks division.
Disney reported fiscal second-quarter profit of $460 million, or 26 cents a share on sales of $18.01 billion. In the same quarter a year ago, Disney had reported profits of more than $5 billion.
This is all despite the successful launch of Disney+, the streaming service that has gotten off to a stronger-than-expected start. Disney+ launched in November and had already passed 50 million paying subscribers by April.
No comments:
Post a Comment