Disney Reports Loss of $4.7 Billion for Q3 as Pandemic Rocks Business
thewrap.comAlso Read: Fox Narrowly Tops Wall Street's Q4 Earnings Expectations Despite PandemicThe company’s parks, experiences and products division took a $3.5 billion hit as a result of the coronavirus shutdown.
Disney was forced to close parks worldwide back in March, though some, like Disney World in Orlando, have begun to reopen. The parks business is generally Disney biggest contributor to revenue.“The most significant impact in the current quarter from COVID-19 was an approximately $3.5 billion adverse impact on operating income at our Parks, Experiences and Products segment due to revenue lost as a result of the closures,” the company said in a release. “The negative impact at Parks, Experiences and Products was partially offset by a positive.
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