The Burbank, Calif. company said that coronavirus pandemic closures, which has also delayed its summer blockbusters, have squeezed its second-quarter earnings to 60 cents a share, down from $1.60 a share in the year earlier quarter.

Shares of Disney fell nearly 2 percent in after-hours trading as Wall Street had been expecting adjusted earnings of 88 cents a share, excluding items.

The one bright spot was increased engagement on its newly-launched streaming service, Disney+.

Calling the challenges linked to the virus “unprecedented,” executive chairman Bob Iger, who stepped down as CEO in February only to resume a lead role in April, acknowledged that the pandemic “hit us hard” and advocated for a “all hands-on-deck approach.”

The company closed its theme parks globally, including Disneyland and Disney World, in mid-March, and said those closures took a $1 billion toll on operating income in its parks, experiences and products unit.

The company reported a 58 percent drop in operating income for the segment this quarter compared to the same period last year. Across all divisions, the virus shaved $1.4 billion off its income.

Newly-minted CEO Bob Chapek didn’t offer much guidance on when the parks would reopen, but said the company is mulling social distancing guidelines for when the parks do resume business.

“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,” Chapek said.

Revenue rose 20.7 percent to $18.01 billion for the quarter ended March 28, above Wall Street’s expectations for sales of $17.81 billion.