Big loss

Disney is bleeding money:

For months it’s been clear that Disney, the country’s most prominent entertainment company, was facing a financial disaster unlike any in its history.

On Tuesday, it became evident just how deep the carnage has gone.

The company revealed that as a result of the coronavirus pandemic it took in just $11.8 billion in revenue and $1 billion in operating income in the three-month period that ended in June, the height of lockdowns in the country. The numbers are a significant drop from the same period a year ago, when it generated $20.25 billion in revenue and $4 billion in operating income, among the worst slides of the modern era.