Walt Disney Co suffered a $1.4bn hit to profits in the first three months of the year, as it closed its parks, cancelled movie releases and reduced advertising sales.
Every part of its business was affected by coronavirus, nearly wiping out profits for the quarter.
Company executives confirmed the loss Tuesday during its quarterly earnings call, nearly two months after the virus was declared a global pandemic.
According to Reuters, Disney CEO Bob Chapek and Executive Chairman Bob Iger confirmed revenue was lost in various areas, such as retail stores and TV operations; but most of the damage was due to the shuttered theme parks around world.
“While the COVID-19 pandemic has had an appreciable financial impact on a number of our businesses, we are confident in our ability to withstand this disruption and emerge from it in a strong position,” Chapek said in a statement.
“Disney has repeatedly shown that it is exceptionally resilient, bolstered by the quality of our storytelling and the strong affinity consumers have for our brands, which is evident in the extraordinary response to Disney+ since its launch last November.”
n just five months, the company’s streaming service, which debuted in November, racked up roughly 54 million paid subscribers globally, the company said on Tuesday. That puts it within striking range of Disney’s long-term subscriber projections.