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Disney 1Q profit falls but beats expectations due to Disney+

Disney World
Posted at 3:38 AM, Feb 12, 2021
and last updated 2021-02-12 06:38:49-05

NEW YORK (AP) — The Walt Disney Co.'s net income fell sharply in its most-recent quarter.

The coronavirus pandemic is still weighing heavily on many of the entertainment giant's businesses, from theme parks to movies.

Disney's parks and resorts have been closed or operating at significantly reduced capacity since the second quarter of 2020.

Its cruise ships have been suspended during that time as well. Live sporting events have been canceled and film and TV projects have been disrupted too.

Disney said it expects coronavirus disruption to cost about $1 billion in fiscal 2021.