Today, November 12, the Walt Disney Company reported their fourth quarter and full year earning for fiscal 2020. The report shows Disney with a net loss of $2.4 billon in fourth quarter earnings.
As shared in the report:
“Parks, Experiences and Products revenues for the quarter decreased 61% to $2.6 billion, and segment operating results decreased $2.5 billion to a loss of $1.1 billion. Lower operating results for the quarter were due to decreases at both the domestic and international parks and experiences businesses. As a result of COVID-19, Disneyland Resort and our cruise line business were closed for all of the current quarter. Shanghai Disney Resort re-opened in May, while Walt Disney World Resort and Disneyland Paris re-opened in mid-July and Hong Kong Disneyland Resort was open for about two weeks at the beginning of the quarter and about one week at the end of the quarter. All of our re-opened parks and resorts operated at significantly reduced capacities during the current quarter. We estimate the total net adverse impact of COVID-19 on segment operating income in the quarter was approximately $2.4 billion.“
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2020 has been a tough year to say the least. To read the full report, click here.