Walt Disney Co on Tuesday avoided the unmitigated disaster some investors feared as it eked out an adjusted profit amid the coronavirus pandemic that shut down parks, movie theaters and sporting events across the globe.
) on Tuesday avoided the unmitigated disaster some investors feared as it eked out an adjusted profit amid the coronavirus pandemic that shut down parks, movie theaters and sporting events across the globe.
The company took a nearly $5 billion charge due to the pandemic and shifting media habits. COVID-19 wiped out $3.5 billion in operating profit in the parks division. The Disney+ streaming service, which had 60.5 million paying customers as of Monday, was a bright spot in the quarter, Chapek said. Disney had reported 54.5 million subscribers as of May 4.
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