WASHINGTON (Sputnik) – The Walt Disney Company in a press release revealed that the company lost $4.7 billion in its third quarter of the fiscal year.
Data in the release on Tuesday showed that Disney lost a net income of roughly $4.72 billion in its third quarter which ended on 27 June.
The loss in revenue is due to pandemic restrictions at parks and other public places, suspending cruise ship sailings and guided tours and delaying or canceling theatrical releases and stage play performances.
“Despite the ongoing challenges of the pandemic, we’ve continued to build on the incredible success of Disney as we grow our global direct-to-consumer businesses”, CEO Bob Chapek said. “The global reach of our full portfolio of direct-to-consumer services now exceeds an astounding 100 million paid subscriptions — a significant milestone and a reaffirmation of our DTC strategy, which we view as key to the future growth of our company”.
As of 4 August, the United States has reported more than 4.7 million confirmed cases of COVID-19 and over 155,200 deaths caused by the disease, according to the US Centres for Disease Control and Prevention count.