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Disney profit drops 91% amid shuttered parks, movies and sports

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Posted at 7:32 AM, May 06, 2020
and last updated 2020-05-06 07:37:25-04

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.