3Q Earnings Call: Disney Reports Net Loss of Nearly $5B During Pandemic

For the first time, the world is getting to see the financial impact the coronavirus pandemic has had on the Walt Disney Company.

In the 3Q Earnings Report, The Walt Disney Co. says the multi-month closure for theme parks cost the company $3.5 billion in operating income.

Income for the theme park division, which also includes experiences and products, fell 85% to $983 million for the quarter, for a net loss of nearly $2 billion.

For the overall company, revenue fell to about $11.8 billion compared with $20.3 billion from the same quarter a year ago. But Disney still managed to post a small profit, with adjusted earnings per share coming in at 8 cents vs. $1.35 year over year.

One bright spot was Disney+, Disney’s new streaming service, which had nearly 60 million subscribers at the end of June, according to the company.

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