We’re learning a lot about Disney during the Quarterly Earnings Call!
We’ve already gotten an update on the subscriber count for Disney+, and we’re looking forward to other exciting news from the company. And now, we’re taking a look at the theme parks’ finances for the quarter.
The Disney Parks, Experiences, and Products segment of the company has been reporting losses for multiple quarters now, primarily due to the parks’ long-lasting closures. In Quarter 1 of the 2021 Fiscal Year, this segment reported a $2.6 billion loss “due to revenue lost as a result of the closures and reduced operating capacities.” Now, for Quarter 2, it has reported a loss of $406 million.
Its revenue for the quarter decreased 44%, to $3.2 billion. At the end of Quarter 2 last year (on March 28th, 2020), that revenue was $5.7 billion.
According to Disney, its “most significant impact on operating income in the current quarter from COVID-19 was at the Disney Parks, Experiences and Products segment due to revenue lost as a result of the closures and reduced operating capacities.” However, these losses were “partially offset” by the consumer products side of the business.
Disney estimates a continued loss of $1.2 billion. We’ll continue to keep a close eye on the Quarterly Earnings Call and keep you posted with any updates!