Disney's theme park division returned to profitability for the first time since the coronavirus pandemic began.In this articleA masked couple poses for photos in front of a statue of Walt Disney and Mickey Mouse, with Sleeping Beauty Castle behind, at Disneyland Resort in Anaheim, CA, as visitors return to the park with covid-safety restrictions in place, including the park only being at 25% capacity, Monday, May 3, 2021.
Revenue at Disney's parks, experiences and products segment jumped 307.6% to $4.3 billion, up from $1.06 billion during the same period last year. Disney's domestic parks eased restrictions in April, which led to a boost in attendance. While guest capacity wasn't at peaks seen before the pandemic, it's improving as mask mandates were loosened during the quarter.
In each of the previous five quarters, Disney has reported a loss in operating income in the segment because of the Covid-19 outbreak. During the third quarter, the company's operating income from parks, experiences and products reached $356 million, compared with a loss of $1.87 billion during the same quarter last year.
The resurrection of the theme park industry is critical to Disney's bottom line. After all, in 2019, the segment, which includes cruises and hotels, accounted for 37% of the company's $69.6 billion in total revenue.