Last Updated IST
A poster of the Walt Disney Studios' "Mulan" movie, which was going to be released on March 27, towers over an empty Hollywood Boulevard during the global outbreak of coronavirus disease. Credit: Reuters
Walt Disney Co on Tuesday reported a rare quarterly loss as the Covid-19 pandemic pummeled its theme parks, television networks and movie studio businesses, even as the crisis helped its streaming services gain users.
The outbreak forced the company to close some of its parks globally, delay the release of films, including the much-anticipated "Mulan", while also dampening advertising on its media networks segment that includes the sports-starved ESPN.
Net loss from continuing operations was $4.72 billion, or $2.61 per share, in the third quarter ended June 27, compared with a net profit of $1.43 billion, or 79 cents per share, a year earlier.