Walt Disney Co. profit dove more than 90% in the second quarter, an example of the drastic effects on the company from the COVID-19 pandemic
, which executives said cost the media giant more than $1 billion in profit just in its theme-parks division.
“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,” said Bob Chapek, who took over as chief executive of Disney from Robert Iger during the quarter. The one relief valve is expected to be Disney’s newest offering, streaming services, which centers on the Disney+ and Hulu offerings. Disney+ launched in November and passed 50 million paying subscribers in April — a stronger-than-expected start even for a service that provoked high expectations — but still has doubters.
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