And other ways COVID-19's getting in everyone's business
May 07, 2020
| Current events
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.