Disney to see at least $1.4 bn impact from coronavirus

Walt Disney Co missed Wall Street expectations for quarterly profit on Tuesday, offering the first assessment of the damage wreaked by the COVID-19 pandemic on the media and entertainment giant’s global business.

The health crisis started battering businesses across Disney’s global portfolio by mid-March, forcing the closures of its theme parks and putting television and film production on hold as theatres remained shut.

The company’s direct-to-consumer and international segment, which houses streaming platform Disney+, reported an operating loss of $812 million, compared with an operating loss of $385 million a year earlier.

Operating income from its parks and consumer products business more than halved to $639 million from $1.51 billion a year earlier.