7,000 Disney employees will lose their jobs, but CEO Bob Iger distracted from the bad news with a theme park reveal.
Fourth quarter revenue and operating income were below financial analysts' expectations.
Disney CEO Bob Chapek said recent theme park successes reflect more than just "pent-up demand."
Disney Genie+ launched at Disney World on Oct. 19 and costs $15 per day, per guest.
Disney CEO Bob Chapek said the ability to remove COVID-19 restrictions largely depends on how quickly people get vaccinated.
COVID-19 has shifted Disney World's customer base more towards locals and annual passholders.
Shanghai Disneyland will be the first of the Disney parks to reopen on May 11, with reduced capacity, social distancing and mask requirements.
Attendance was up in the last three months at 2019 at Disney's U.S. parks, but its theme park division will take a hit after the coronavirus outbreak led the company to temporarily close its two Chinese resorts.
“Those two lands have been far more successful than have been reported,” Iger said, noting that 5 million guests have experienced the Millennium Falcon: Smugglers Run attraction.