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The coronavirus pandemic has had a crippling effect on small businesses, but big companies are also taking a major hit. According to a report from Reuters, Disney CEO Bob Chapek and Executive Chairman Bob Iger announced on the quarterly earnings call that the company has lost $1 billion in profits.
A majority of the lost revenue comes from the closing of Walt Disney World parks during the COVID-19 outbreak.
“While the COVID-19 pandemic has had an appreciable financial impact on a number of our businesses, we are confident in our ability to withstand this disruption and emerge from it in a strong position,” Chapek said in a statement. “Disney has repeatedly shown that it is exceptionally resilient, bolstered by the quality of our storytelling and the strong affinity consumers have for our brands, which is evident in the extraordinary response to Disney+ since its launch last November.
“While it’s too early to predict when we’ll be able to begin resuming all of our operations, we are evaluating a number of different scenarios to ensure a cautious, sensible and deliberate approach to the eventual reopening of our parks.”
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The coronavirus mainly comes from animals and a majority of those who were infected early either worked at or frequently visited the Huanan seafood wholesale market in Wuhan, according to The Guardian. The virus is similar to Severe acute respiratory syndrome (Sars) and Middle Eastern respiratory syndrome (Mers).
The Wuhan coronavirus is transmitted from person to person through “droplet transmission.” That means an infected person can pass the virus by sneezing or coughing on another person as well as by direct contact.
While a majority of the cases have been detected in the United States and China — with more than 69,700 deaths in the United States and more than 1 million confirmed cases — it has now reached many countries around the world. It has also been confirmed in Italy, Australia, Canada, France, Germany, and many other eastern countries.
