The Walt Disney Company reported that its revenues declined 13% year on year to USD 15.6 billion in its second fiscal quarter ended April 3, 2021. Nevertheless, its net income doubled, reaching USD 1.1 billion.
The most significant impact on operating income in the current quarter from COVID-19 was at the Disney Parks, Experiences and Products segment due to revenue lost as a result of the closures and reduced operating capacities. The company estimated an additional USD 1.2 billion impact on the Disney Parks, Experiences and Products segment operating income compared to the prior-year quarter.
The impacts of COVID-19 on the Disney Media and Entertainment Distribution segment, compared to the prior-year quarter, were less significant as lower revenues across film and television distribution windows due to the deferral or cancellation of significant film releases were largely offset by a reduction in the related costs.
“We’re pleased to see more encouraging signs of recovery across our businesses, and we remain focused on ramping up our operations while also fueling long-term growth for the Company,” said Bob Chapek, Chief Executive Officer, The Walt Disney Company. “This is clearly reflected in the reopening of our theme parks and resorts, increased production at our studios, the continued success of our streaming services, and the expansion of our unrivaled portfolio of multiyear sports rights deals for ESPN and ESPN+.”
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