Disney's earnings plummet amid coronavirus pandemic

Catherine Garcia

The Walt Disney Co. on Tuesday shared with investors that over its second quarter, the coronavirus pandemic cost the company $1.4 billion in operating income.

While revenue rose 21 percent to $18 billion, overall operating income dropped 37 percent to $2.4 billion, The Wall Street Journal reports. Because of the pandemic, Disney had to shutter its theme parks and stop production on its television and film projects in March, during the end of the second quarter.

The company, which has furloughed more than 100,000 workers, said it plans on reopening Shanghai Disneyland on May 11. The number of visitors will be capped, and they will have to wear masks and have their temperature checked before gaining entrance. No opening dates have been set for the other Disney parks.

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