The impact of the COVID-19 (coronavirus) pandemic is changing the way most live their everyday lives. Now, after the Walt Disney Company’s quarterly earnings call, it’s also becoming clear how it’s affecting businesses. In a press release pertaining to the company’s earnings, Disney revealed it expects to lose over $1 billion dollars due to the pandemic.
“Obviously, much has changed in the world since our last earnings call and the challenges we’re facing are unprecedented,” chairman and former CEO of Disney Bob Iger said to open the earnings call. Those unprecedented challenges include all of Disney’s theme parks around the world remaining closed, while many of Disney’s employees were furloughed until they can safely return to work.
The closures led to a 10% revenue for the Parks, Experiences, and Products division of Disney, which amounts to a $1 billion loss in operating income. Meanwhile, there remains no set date for most of the parks to reopen. However, CEO Bob Chapek noted that the company plans to reopen Shanghai Disneyland on May 11. The park will follow government required procedures, as well as implement limited capacity and density control.
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Source: Game Spot Mashup