Disney losses $5 billion amid the coronavirus pandemic

05.08.2020 - Korneychuk Evgeniya
Disney losses $5 billion amid the coronavirus pandemic

On Tuesday, Walt Disney Co (DIS.N) reported a quarterly loss worth $5 billion due to the coronavirus outbreak that has paralyzed its theme parks, live productions, cruise line, movie theaters, and sporting events worldwide.

Disney’s shares initially dropped by 2% in after-hours trading but ended the extended session by 4.3% after the announcement of the “Mulan” live-action film. Disney’s stocks were down by 19% this year while the broader S&P 500 index (SPX) was up 2%.

The mass media company said that the coronavirus pandemic and shifting media habits wiped out its operating profit worth $3.5 billion in the parks division.

“The majority of businesses worldwide have experienced unprecedented disruption as a result of the pandemic. Most of our businesses were shut down, and this had a huge impact on us,” Disney’s Chief Executive Officer Bob Chapek told analysts.

He added, “What we plan to do is invest even more in our content in order to keep that machine cranked and going.”

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?