ORLANDO, Fla. — 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.