Entertainment giant Disney has suffered a rare financial hit due to the COVID-19 pandemic that has led the company to close its marquee parks in California and Florida.

　　The House of Mouse reported earnings on Tuesday, and the company pulled in $11.79 billion in revenue, which was down 42 percent compared to last year. Disney's theme park division specifically had a challenging quarter, taking a $3.5 billion hit that led to an overall loss of $2 billion.

　　Disney closed Disneyland in Anaheim, California and Disney World in Orlando, Florida back in March as the virus spread through the US and the world. Disney World and most of the company's international parks have since re-opened at a limited capacity, but the marquee location in Anaheim remains closed.

　　"The impact of COVID-19 and measures to prevent its spread are affecting our segments in a number of ways, most significantly at Parks, Experiences and Products where we closed our theme parks and retail stores, some of which have now re-opened, suspended cruise ship sailings and guided tours and have seen an adverse impact on our merchandise licensing business," Disney said.

　　It wasn't all bad news for Disney during the quarter, however, as Disney Plus subscribers jumped to 60.5 million. Disney also confirmed that Mulan will skip theatres and release on Disney Plus for $30 USD.

　　CEO Bob Chapek explained that Mulan is currently being considered a "one off" for digital releases. While the company is going to be carefully monitoring its success on the platform, there are currently no plans to repeat the procedure for any major upcoming Disney films, such as Black Widow, which is still set for release on November 6.