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Disney profit plunged 91% last quarter as its parks closed

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  • Disney profit plunged 91% last quarter as its parks closed

    Disney's profit plunged 91% last quarter as its parks closed their doors

    New York (CNN Business) -- Disney's profit dropped a whopping 91% during the first three months of 2020, showcasing the widespread decimation the coronavirus pandemic has brought on its media empire.

    Although sales for the quarter were up 21% to $18 billion, Disney's profit took an enormous hit from the closure of its parks as well as mammoth costs associated with getting the Disney+ streaming service off the ground.

    The company's parks and experiences unit was hit particularly hard by the outbreak. That segment's operating income dropped a staggering 58% compared to last year — a result of Disney shuttering its theme parks and resorts around the world.

    "Disneyland is often called a magic kingdom because
    it combines fantasy and history, adventure and learning,
    together with every variety of recreation and fun,
    designed to appeal to everyone."

    - Walt Disney

    "Disneyland is all about turning movies into rides."
    - Michael Eisner

    "It's very symbiotic."
    - Bob Chapek

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