In the first three months of 2020, Disney's business was hit hard by the measures taken to contain the COVID-19 pandemic. As the following chart shows, the company's operating profit declined in three of its four operating segments, with the Parks, Experiences and Products segment hit particularly hard.
Despite the difficult circumstances, Disney's leadership tried to convey a message of optimism to its shareholders. “While the COVID-19 pandemic has had an appreciable financial impact on a number of our businesses, we are confident in our ability to withstand this disruption and emerge from it in a strong position,” said Bob Chapek, the company’s newly appointed CEO. Bob Iger, Chapek’s predecessor and now Executive Chairman sounded a similar note: “As someone who has been around for a while and led this company through some really tough days over the last 15 years, including economic downturns, natural disasters and other unforeseen events, I have absolute confidence in our ability to get through this challenging period and recover successfully,” Iger said.