Walt Disney said it’ll see an impression of some $1.4 billion from the coronavirus within the current business quarter as a result of a huge hit to its theme parks and different operations.
The media-entertainment giant said its profit plunged 91 % to $475 million within the period ending March 28, amid a sway from the pandemic and significant investment in its new streaming media service Disney+.
Total revenues rose 21 % to $18 billion for the corporate, with media operations showing strong growth.
Disney shares swung down some 3 % in late trade following the earnings for the company that has the biggest Hollywood film studios, cruise and amusement park operations, and the ABC tv network beside the ESPN sports channel.
Revenues from its “direct to consumer” operations that embody the new streaming platform to rival Netflix, jumped to over $4 billion within the fiscal second quarter. however, the unit lost $812 million thanks to expenses from its rollout.
