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Walt Disney Co.’s parks and resorts unit reported a 58% drop in operating income for the second quarter ending March 28 as impacts of the coronavirus pandemic took hold at international and domestic parks, including Disneyland Resort in Anaheim.
Revenue for the segment dropped 10% to $5.5 billion, while total revenue for the Burbank-based entertainment company rose 21% to $18 billion.
Disneyland Resort, OC’s largest employer with 32,000 workers, has been closed since March 14; a reopening date hasn’t been publicly set.
Construction is halted on the resort’s new Marvel-themed Avengers attractions, originally slated to open at California Adventure in July.
Shanghai Disneyland is expected to reopen gradually beginning May 11, the first of the company’s parks to reopen.
Disney (NYSE: DIS) shares declined about 2% on the day and another 2% after-hours to about $101 apiece and a $180 billion market cap.
Go here for more updates on how OC companies are responding to the coronavirus pandemic.
For ongoing, in-depth coverage of COVID-19’s effects on OC businesses, see the Monday print edition of the Business Journal.