Disney posts rare quarterly loss on COVID-19 blow

Posted 51 days ago

From WWW.MSN.COM

(Reuters) - Walt Disney Co missed quarterly revenue estimates and reported a rare loss on Tuesday, as the COVID-19 pandemic pummeled its theme parks and movie studio businesses, even as the crisis helped its streaming services gain subscribers.

The outbreak forced the company to close some of its parks globally, delay the release of films, including the much-anticipated "Mulan".

Closure of theme parks in the quarter resulted in an operating loss of $1.96 billion in parks and consumer products business. Even as four of its six theme park resorts around the world have opened, social distancing rules have weighed on visitors allowed.

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