Disney Q1 profit dives 91% as parks closed due to coronavirus

Disney reported on Tuesday a plunge 91 percent in its profit for the first quarter of 2020, showcasing the huge decimation the coronavirus pandemic has brought on its media empire.

The profit took an enormous hit from the pandemic-related closure of its parks as well as large costs related to getting the Disney+ streaming service off the ground.

The company’s parks and experiences unit was also hit particularly hard by the pandemic, posting a 58 percent fall in operating compared to last year, a result of shuttering its theme parks and resorts around the world.

However, sales rose 21 percent to $18 billion.