The Walt Disney Company made a net profit of only 9% of the volume for the same period last year in the second quarter. This is reported by the company’s financial report, published on May 5.
According to the document, in the second quarter of this fiscal year, the company’s net profit amounted to $475 million, while in 2019 for the same period, this figure was equal to $5.4 billion.
The decline in the company’s profits against the backdrop of the coronavirus pandemic occurred despite the fact that Disney’s revenue this year increased by 21% – from $ 14.9 billion to $ 18 billion.
The sharp drop in profits is due to restrictions imposed by the coronavirus in the U.S. and the world. The company had to temporarily suspend all its amusement parks and freeze the shooting of new movies and TV series amid the epidemic.
In early April, The Walt Disney Company presented updated dates for the release of new films delayed by the Coronavirus pandemic. Thus, the premiere of the movie version of the cartoon “Mulan” was postponed to July 24 this year, and the film studio Marvel “Black Widow” will be released on the big screens on November 6.