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Disney lost $4.7 billion in third quarter as coronavirus closed attractions

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“Mulan” will premiere on the company’s streaming service in September, bypassing most theaters altogether,
Earnings at the Magic Kingdom are dropping faster than a sinking log flume. The Walt Disney Co. on Tuesday reported a fiscal third-quarter loss of $4.7 billion, after reporting a profit in the year-ago period. The company posted revenue of $11.8 billion in the period, $870 million short of Wall Street’s expectations. The Burbank, California-based company has been losing millions of dollars every day since its theme parks were closed due to the coronavirus in March. Its Florida theme parks reopened in July with health and safety guidelines in place, including limits on the number of visitors allowed inside. Meanwhile, most of California’s Disneyland remains closed as coronavirus cases mount in the state.

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