Earlier today Disney posted their quarterly finical report and the news was bleak for Disney’s Parks, Experiences and Products division.
Revenue for the quarter decreased 85% to $1 billion, and segment operating results decreased by $3.7 billion to a loss of $2 billion. This was caused by the closures of Disney Parks, Resorts, and Cruise Ships around the world.
In a statement Disney said that “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.”
Disney estimates the total net adverse impact of COVID-19 on segment operating income in the quarter was approximately $3.5 billion.