Disney's second-quarter profit sinks on pandemic woes
AP
The entrance to the parking lot at the Magic Kingdom at Walt Disney World is closed in Lake Buena Vista, Fla., on March 16.
NEW YORK — Disney reported a steep decline in profit as many segments of its media and entertainment offerings have 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.
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