Disney’s profit plunged 91% last quarter as its parks closed their doors
By Frank Pallotta, CNN Business
Disney’s profit dropped a whopping 91% during the first three months of 2020, showcasing the widespread decimation the coronavirus pandemic has brought on its media empire.
Although sales for the quarter were up 21% to $18 billion, Disney’s profit took an enormous hit from the closure of its parks as well as mammoth costs associated with getting the Disney+ streaming service off the ground.
The company’s parks and experiences 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.
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