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Disney Reverses Losses As CEO Says California Park to Reopen

Stock Markets Mar 17, 2021 12:37PM ET
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© Reuters.

By Christiana Sciaudone

Investing.com -- Disney shares popped after the CEO said Disneyland would reopen next month.

Chief Executive Officer Bob Chapek told CNBC that its two California parks, which have been closed for about a year, will return to operations on April 30. Revenue for the quarter ended Jan. 2 was 53% lower than a year earlier for the parks, experiences and products division because of pandemic-related shutdowns. 

The stock reversed earlier losses to trade slightly higher. Shares are trading about 3% short of a record hit earlier this month.

Disney has more than doubled over the past year with the start of Disney+, its streaming service, a division of the direct-to-consumer segment that saw revenue for the most recent quarter increase 73% to $3.5 billion. 

The reopening will be limited at first, at just 15% of capacity, and should accelerate as vaccines become more widespread and Covid-19 numbers drop.

“I think as people become vaccinated, they become a little bit more confident in the fact that they can travel, and, you know, stay COVID-free,” Chapek said.  

The company returned to operations in Florida last year. 

“We’ve been operating at Walt Disney (NYSE:DIS) World for about nine months, and there certainly is no shortage of demand," Chapek said.

Disney’s hotels in California will also start opening next month.       

 

Disney Reverses Losses As CEO Says California Park to Reopen
 

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