Even Disney's magic can't beat the pandemic

And other ways COVID-19's getting in everyone's business

May 07, 2020 | Current events | Business
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Disney's corporate kingdom loses some financial magic

Disney's latest earnings report wasn't the happiest place on Earth: the company had a 58% drop in operating income this quarter, down more than a billion dollars from this time last year, largely due to the closure of their theme parks and cruise lines. One bright spot? Disney+ now has now surpassed 50 million subscribers, equivalent to roughly half the line for Space Mountain.

And for some of the world's biggest startups, the first cuts are the deepest

Let's hope the Cat Steven's lyric rings true for Airbnb, who laid off over 25% of their workforce, or 1,900 people, as they anticipate a 50% drop in revenue during 2020. Nearly twice as many workers were laid off at Uber the very next day, which saw the need to cut nearly 15% of their employees as both companies seek to reduce costs while the pandemic drives down demand.

Where's the beef?

There's more room for squares than usual on the grill at Wendy's as nearly 1 in 5 of their locations aren't currently able to serve beef. The cause? Production issues at major US meat processors, who've suffered factory-closing coronavirus outbreaks.

In these unprecedented times... buy a truck?

For the first time ever, pickup trucks have outsold sedans in the United States, a stunning change in an industry where sedans outsold their flatbed brethren by a ratio of 3-to-1 less than ten years ago. For Detroit, it's great news, as trucks have historically been more profitable, but one of the big factors driving this change may be a recent increase in 0% financing options to entice consumers.


Albert

Albert

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