Disney posts smaller-than-expected drop in Q4 revenue - Business Insider

Disney will lay off 28,000 employees at Disneyland and Walt Disney World as the company continues to struggle with the impacts of the COVID-19 pandemic and the six-month closure of its Anaheim theme parks, the company announced today.Disney reported its fourth-quarter earnings Thursday amid worries of how the COVID-19 pandemic would impact the company's wildly popular theme parks and movie studio business.

The company's revenue fell around 23% to $14.71 billion, above analysts' estimation of $14.2 billion, by Oct. 3.Walt Disney reported a smaller-than-expected drop in fourth-quarter revenue on Thursday, calming worries of a big impact from the COVID-19 pandemic on its theme parks and movie studio businesses.

Overall revenue fell about 23% to $14.71 billion in the quarter ended Oct. 3, above analysts' average estimate of about $14.2 billion, according to Refinitiv IBES data.

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