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TOP 10 Biggest Losers due to COVID 19 CoronaVirus


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Old 05-06-2020, 03:14 AM
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Default TOP 10 Biggest Losers due to COVID 19 CoronaVirus


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Disney Estimates $1.4 Billion COVID-19 Impact As Earnings Drop

If you wondered the impact of COVID-19 will affect the biggest billion dollar companies, it has. Earnings at the high-flying Walt Disney Company fell sharply during its most recent quarter, brought low by the gravitational force of the coronavirus pandemic. Earnings topped out at 60 cents a share, a 63% tumble from the prior-year period. It was a drop that was expected as few companies have been harder hit by the public health crisis that’s ground travel to a halt and shuttered movie theaters, postponed live events, and upended consumer behaviors. That’s been devastating for Disney’s highly profitable theme parks. The company estimated that COVID-19’s impact had resulted in approximately $1 billion lost in its parks, experiences, and consumer products business, and $1.4 billion in losses across all of its operations.

Revenues at the company did climb 21% to $18.01 billion, but that has largely to do with difficult year-over-year comparisons. Disney was a much smaller company when it last tabulated its first quarter earnings — its $71 billion acquisition of much of 21st Century Fox didn’t close until late March. What do you think about the same?

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Old 05-17-2020, 08:57 AM
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