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Reuters/Benoit Tessier
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Disney is damaged, and no one knows exactly when it will recover

Adam Epstein
Member exclusive by Adam Epstein

Disney theme parks lost $1 billion in profits in the last financial quarter due to Covid-19—and that’s just the start of its expected losses, the company told investors today.

Over the last month and half, Disney has relied almost entirely on its cable, broadcast, and streaming TV businesses to stay afloat as the coronavirus pandemic forces the closures of most in-person experiences like parks and movie theaters around the world.

Its two parks in the US (Disneyland in California and Disney World in Florida) as well as Disneyland Paris were shuttered in mid-March, a few weeks before the quarter ended. The Shanghai Disney Resort closed in January.

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