Disney Reverses Losses As CEO Says California Park to Reopen By Investing.com

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© Reuters.

By Christiana Sciaudone

Investing.com – Disney Shares burst after the CEO said Disneyland would reopen next month.

Chief Executive Officer Bob Chapek told CNBC that the two California parks, which have been closed for about a year, will be operational again on April 30th. Revenue for the quarter ended January 2 was 53% below the parks’ prior year figure. Experience and products division due to pandemic downtimes.

The stock reversed previous losses and traded a little higher. The shares trade about 3% less than they did earlier this month.

Disney more than doubled its streaming service, a division of the direct-to-consumer segment that saw revenue jump 73% to $ 3.5 billion last quarter, last year.

The reopening will be limited to just 15% of capacity initially and should accelerate as vaccines continue to spread and Covid-19 numbers drop.

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

The company returned to Florida last year.

“We’ve been with Walt Disney (NYSE 🙂 World for about nine months and there’s certainly no shortage of demand,” said Chapek.

Disney’s California hotels will also open next month.

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