Disney loses $1.4 billion amid shuttered parks, movies and sports

walt disney world
Posted at 7:00 PM, May 05, 2020
and last updated 2020-05-05 19:00:19-04

NEW YORK (AP) — Disney reported a steep decline in profit as many segments of its media and entertainment offerings ground to a standstill during the coronavirus pandemic.

Its second quarter profit dropped 91% to $475 million. Overall, the company said costs related to COVID-19 cut Disney's pretax profit by $1.4 billion.

One bright spot was its Disney Plus streaming service, which contributed to an almost $3 billion revenue increase for direct-to-consumer and international business.

Overall revenue rose 21 percent to $18.01 billion, just short of the $18.06 billion analysts expected.