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Disney profit shrinks by 91% amid pandemic woes
Disney profit shrinks by 91% amid pandemic woes

The Walt Disney Co., the US entertainment giant, is suffering colossal losses. In the second quarter, the Walt Disney Company's net income crushed by 91% year-on-year due to the shuttered parks, suspended movies, and other stalled projects across the globe. In addition, there has been a noticeable increase in labor costs as the company is paying salaries for employees who are not temporarily working. Nevertheless, Disney revenue rose by 21% to $18 billion, just short of the $19.09 billion a year earlier. Yet, the company’s net income declined. Disney’s second-quarter profit totaled $475 million, down from $5.4 billion a year earlier.

 


Published: 2020-05-15 09:00:14 UTC
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