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Brent Lang
Disney Estimates $1.4 Billion COVID-19 Impact for Quarter as Earnings Fall
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variety.com
variety.comBy Brent Lang Executive Editor of Film and Media Earnings at the high-flying Walt Disney Company fell sharply during its most recent quarter, brought low by the gravitational force of the coronavirus pandemic.
Earnings topped out at 60 cents a share, a 63% tumble from the prior-year period. It was a drop that was expected as few companies have been harder hit by the public health crisis that’s ground travel to a halt and shuttered movie theaters, postponed live events, and upended consumer behaviors.
That’s been devastating for Disney’s highly profitable theme parks. The company estimated that COVID-19’s impact had resulted in approximately $1 billion lost in its parks, experiences, and consumer products business, and $1.4 billion in
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