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Deserted Disney resort in Kissimmee, Fla., on May 5. Photo: Daniel Slim/AFP via Getty Images

New CEO Bob Chapek had quite a first earnings call on Tuesday, announcing that Disney had seen its earnings fall by 90% in the first quarter. Still, Chapek asserted the company was "confident in our ability to withstand this disruption."

Why it matters: Disney is perhaps more representative of the global economy than any other company on earth and its stock has been one of the few that seems to reflect the damage the COVID-19 pandemic has done.

What it means: Roughly half of Disney's revenue is directly tied to industries that have been shut down, like parks and resorts, advertising and film.

  • As the New York Times notes, the Mouse also has "four TV studios that together produce about 70 shows; 42,000 hotel rooms and time-share units across three continents; the world’s largest licensing business, with annual merchandise sales of $55 billion; a publishing arm that churns out children’s books, magazines and digital products in 68 countries and 45 languages; a chain of 25 Disney English schools in China."
  • That has resulted in Disney's stock falling by around 32% this year.

The intrigue: Disney beat analysts estimates for revenue, at $18 billion, but fell well short of earnings estimates, which at only 60 cents per share were well below expectations of 91 cents and less than half of what analysts were expecting a month ago.

  • The big earnings miss came despite having already taken major steps to cut costs, including furloughing 100,000 employees.

Yes, but: The one bright spot has been Disney+, which Disney now says has 54.5 million subscribers.

  • That less than one-third of streaming rival Netflix, but Netflix's stock is now four times the price of Disney's and Netflix has no other revenue streams, temporarily shuttered or otherwise.
  • Netflix's market cap has now grown to $186.8 billion, exceeding Disney's $182.5 billion, according to FactSet data.

Go deeper

Sarah Cooper, comedian known for viral Trump lip-syncs, lands Netflix special

Sarah Cooper's TikTok account. Photo: Drew Angerer/Getty Images

Author Sarah Cooper, best-known for her viral lip-sync impersonations of President Trump on TikTok, will star in a Netflix comedy special in fall 2020, the company announced Wednesday.

The big picture: Cooper, who wrote a pair of best-selling books prior to her internet fame, has seen her platform grow to over 500,000 followers on TikTok and over two million on Twitter, according to Netflix.

WHO warns against travel bans on southern African countries

Matshidiso Moeti, World Health Organization regional director for Africa. Photo: Sylvain Gaboury/Patrick McMullan via Getty Images

The World Health Organization called on countries Sunday to not impose travel bans on southern African nations amid concerns over the new COVID-19 Omicron variant.

Why it matters: The U.S. and countries in Europe and the Asia-Pacific announced travel restrictions in response to Omicron, which was first detected in South Africa. It's since spread to several European countries, Canada, Israel, Australia and Hong Kong. The WHO noted in a statement that only two southern African nations have detected the new variant.

Updated 4 hours ago - Health

First North American Omicron cases identified in Canada

COVID-19 testing personnel at Toronto Pearson International Airport in September. Photo: Steve Russell/Toronto Star via Getty Images

The first two cases of the new Omicron variant have been detected in North America, the Canadian government announced Sunday evening.

Driving the news: The World Health Organization has named Omicron a "variant of concern," but cautioned earlier on Sunday that it is not yet clear whether it's more transmissible than other strains of COVID-19.