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2021 Taste of EPCOT International Flower and Garden Festival Preparations
Photo courtesy of WDWMagic.com
Reports suggest that the White House is considering domestic travel bans to Florida amid steeply rising U.K. variant COVID-19 cases in the state
Patina Restaurant Group is not hiring Cultural Representatives for the Italy pavilion at EPCOT
Bob Chapek comments on Walt Disney World's growing attendance and mask use but no opening dates for upcoming attractions
Walt Disney Company reports Q1 2021 Earnings
Like many companies, the 2021 first quarter earnings report from The Walt Disney Company continues to show the effects of the COVID-19 shutdown and reduced capacity at the theme parks. According to WDWMagic.com, "The total net adverse impact of COVID-19 on the Disney Parks, Experiences and Product segment operating income in the quarter was approximately $2.6 billion. Revenue at the segment fell 53% to 3/58 billion. Revenue was $16.25 billion vs $15.9 billion expected, and stock was up 1.5% as a result. The star performed continues to be Disney+ which now has 95 million paying subscribers."
Disney Parks, Experiences and Products revenues for the quarter decreased 53% to $3.6 billion, and segment operating results decreased $2.6 billion to a loss of $119 million. Lower operating results for the quarter were due to decreases at both the domestic and international parks and experiences businesses.
As a result of COVID-19, Disneyland Resort was closed and our cruise business was suspended in the current quarter. Disneyland Paris closed on October 30, 2020 and Hong Kong Disneyland Resort closed on December 2, 2020. Walt Disney World Resort and Shanghai Disney Resort were open in the current quarter. Our parks and resorts that were open during the quarter operated at significantly reduced capacities.
At our consumer products business, operating income growth was driven by an increase in games licensing revenue reflecting the release of Marvel’s Spider-Man: Miles Morales.
We estimate the total net adverse impact of COVID-19 on segment operating income in the quarter was approximately $2.6 billion.
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