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

By

MAE ANDERSON AP Business Writer

May 5, 2020, 8:49 PM

1 min read

1 min read

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.

Source Link