Disney’s earnings plummet amid coronavirus pandemic

Walt Disney Co. has shuttered stores, theme parks and movie production amid the COVID-19 pandemic. Getty Images

The Walt Disney Co. on Tuesday reported that quarterly profits plunged as the coronavirus crisis cost the company $1.4 billion in operating income. Disney closed its theme parks and halted TV and film production in March.

The company said the moves reduced profit by more than $1 billion in its theme-parks division alone.

After adjusting for restructuring charges, Disney reported earnings of 60 cents per share, down from $1.61 a share in the same period last year, and short of the 91 cents per share analysts expected, according to FactSet.

The company, which has furloughed more than 100,000 workers, said it plans to reopen Shanghai Disneyland on May 11, with a cap on visitors and mandatory temperature checks and face-mask use.

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