Walt Disney Co on Tuesday avoided the unmitigated disaster some investors feared as it eked out an adjusted profit amid the coronavirus pandemic that shut down parks, movie theaters and sporting events across the globe.
"The majority of businesses worldwide have experienced unprecedented disruption as a result of the pandemic," Disney Chief Executive Bob Chapek told analysts."Most of our businesses were shut down, and this had a huge impact." Combined with Hulu and ESPN+, Disney has attracted more than 100 million streaming customers worldwide. Streaming market leader Netflix boasts 193 million.
Theme park closures from April to June led to an operating loss of US$1.96 billion in the parks and consumer products business. Even as four of its six theme park resorts around the world have opened, social distancing rules have limited attendance. The direct-to-consumer and international unit, which houses the Disney+ streaming service, reported an operating loss of US$706 million, below the US$1.06 billion that analysts expected.
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