For much of the last year, the Burbank colossus has faced the biggest challenge of its almost 100-year history.
For Disney's fourth quarter, the bad news of the pandemic was compounded as would-be financial saviors failed to deliver.
All reopened theme parks - Walt Disney World, Hong Kong Disneyland, and Shanghai Disneyland - achieved a net positive contribution in the quarter; meaning that they made back what they spent during reopening but still lost billions.
Since the coronavirus hit, Disney has accelerated its efforts to focus its business on streaming, which has been a bright spot during the pandemic.
Disney plans to forgo its January 2021 dividend and instead invest those funds in its direct-to-consumer division, the company said Thursday, a reallocation that activist investor Daniel Loeb recently advocated.
The gamble on streaming has paid off in a big way so far.
There were further increases in Disney's other streaming services, Hulu has 36.6 million subscribers, up 1.1 million from June, while ESPN Plus now reaches 10.3 million subscribers from 8.5 million in the previous quarter. The company previously said Disney+ had 60.5 million subscribers as of August 3.
Harambe Marketplace: Beginning November 14 2020, this popular outdoor quick service eatery at Disney's Animal Kingdom will operate from 11:00 AM to 3:00 PM on weekends and other select busy days. NBCUniversal has said 22 million people have signed up for Peacock, which has a free ad-based tier as well as a subscription level. Chapek did warn that the unpredictability of COVID-19 could cause disruptions.
Disney said revenue at its parks, experiences and products business fell 61 percent to $2.6 billion.
That has helped Disney shares weather quarterly reports that would have seemed unlikely-if not impossible-at the company a year ago.
Disney's parks business has begun to sporadically emerge from the pandemic.
Disney had been making comments that Disneyland was "ready to open" as soon as the park was given the ok to do so, clearly hoping that the state of California would reconsider its position and allow the park to open sooner.
Disney expected Disneyland to remain closed through the current quarter, said Disney finance chief Christine McCarthy.
Calling Disney Parks' health and safety protocols "science-based", Chapek urged state leadership in California to "look objectively" as opposed to setting an "arbitrary standard" that he says has kept cast members, as Disney parks employees are known, out of work. Excluding certain items affecting comparability, diluted EPS for the quarter was a loss of $0.20 million compared to income of $1.07 in the prior-year quarter.
Profits from the movie studio, meanwhile, tumbled 61pc to $419 million in the quarter.
Additionally, the company's total revenue also suffered a significant drop, with Disney reporting only $14.71 Billion in 2020, compared to its $19.1 Billion total in the same period a year ago, for a grand total in $5 Billion in revenue loss. Additionally, Disney reported slightly higher revenue than the expected $14.2 billion, coming in at $14.71 billion. The company also saw gains at the ABC broadcast network last quarter, contributing to a smaller-than-expected loss.