Disney's Parks Are Going to Lose Billions
The Walt Disney Company (NYSE: DIS) reported fiscal second-quarter earnings this week, with predictable declines in earnings per share. This was led by a big profit decline in its parks division, where the operating income fell from $1.51 billion in the year-ago quarter to just $639 million last quarter.
Get ready, because you ain't seen nothing yet.
The last quarter showed only limited impact from COVID-19. While Disney shuttered its Asian parks earlier in the quarter, it still derives a vast majority of parks revenue from domestic parks and cruises. Disney World only closed on March 16 and California's Disneyland closed down on March 14, so there was only a two-week period of closures for these parks last quarter.
Source Fool.com
