Profits from Disney parks in China could drop by $280 million due to shutdowns caused by the coronavirus and a loss of business related to the Hong Kong protests
Hong Kong Disney has warned that profits from its parks in China could drop by $280 million in the current quarter, due to shutdowns caused by the coronavirus and a loss of business related to recent mass protests in Hong Kong.
The company warned of the potential hit to park profit during its earnings call Tuesday, adding that the coronavirus will hurt its results for the quarter through March and the fiscal year as a whole. Disney closes Shanghai park as deadly coronavirus spreadsDisney suspended operations at some of its facilities in China last month in response to the ongoing public health crisis, which has killed nearly 500 people and infected more than 24,500 — mostly in mainland China.
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