Disney reports $4.7b loss in third quarter

Walt Disney Co. reports its first quarterly loss since 2001 largely due to the Covid-19 pandemic, with a loss of $4.72 billion in its third fiscal quarter ending with June 27.

Amid the Covid-19 pandemic, Disney had to close its theme parks and lost revenue from theatrical parks, live sports and movie distribution. However, due to people staying at home, Disney+ has gained over 60 million subscribers in less than nine months.