The Walt Disney Company has recorded their fourth quarter earnings, and as expected, the Disney Parks have been hit hard once again due to COVID-19. Here is the report:
Parks, Experiences and Products revenues for the quarter decreased 61% to $2.6 billion, and segment operating results decreased $2.5 billion to a loss of $1.1 billion. Lower operating results for the quarter were due to decreases at both the domestic and international parks and experiences businesses.
As a result of COVID-19, Disneyland Resort and our cruise line business were closed for all of the current quarter. Shanghai Disney Resort re-opened in May, while Walt Disney World Resort and Disneyland Paris re-opened in mid-July and Hong Kong Disneyland Resort was open for about two weeks at the beginning of the quarter and about one week at the end of the quarter. All of our re-opened parks and resorts operated at significantly reduced capacities during the current quarter.
We estimate the total net adverse impact of COVID-19 on segment operating income in the quarter was approximately $2.4 billion.
BlogMickey.com will provide continuing coverage this afternoon of the earnings call set to take place at 4:30pm EST.
As always, keep checking back with us here at BlogMickey.com as we continue to bring you the latest news, photos, and info from around the Disney Parks!