It cost nearly $5 billion for Disney to close Disneyland, Walt Disney World, Disneyland Paris, and its other theme parks from mid-March to June, the Walt Disney Company revealed on Tuesday.
During an earnings webcast, the company said it posted a loss of nearly $5 billion for the third quarter, which included a $2 billion loss in its parks, products, and experiences segment, USA Today reports. This segment's revenue dropped 85 percent to $1 billion compared to the same quarter in 2019.
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Florida has the second-highest number of coronavirus cases in the United States, and executives said Disney World is seeing more cancelations and lower attendance than expected. "This is obviously a very uncertain time," CEO Bob Chapek said. "We should be in good shape once consumer confidence returns."
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