Disney saw more than 90% decline in first-quarter earnings as its network of theme parks closed due to the spread of Corona virus. According to Arabia Net, the company lost $ 1.4 billion, most of it losses in the tourism sector, which includes theme parks, cruises and retail stores. The company said it made $ 475 million in profits in the first quarter of the year, as revenue rose 21% to $ 18 billion. Disney also suffers from closing cinemas, forcing it to delay the release of films and to stop direct coverage of sporting events on the ESPN channel, of which Disney has a part. > Despite the high sales of the recently launched broadcast service, Disney Plus, where the number of subscribers reached 50 million, the service has not yet achieved profits.
The company plans to reopen its park in Shanghai next week, but visibility is limited with regard to when other parks will open.
