Record Number of U.S. Corporate Giants Lost Money in Pandemic
- Disney, Chevron among bellwethers with profits erased by virus
- Big money-losing companies outnumber financial crisis peak
Closed ticket windows at the Disneyland theme park in Anaheim, California, on Sept. 30.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Add this to the list of ways the Covid-19 pandemic has shaken up markets: Never before have this many large, public companies trading in the U.S. been unprofitable.
Forty-three of the 345 companies with a market valuation above $25 billion have posted cumulative losses over the trailing 12 months worth of reported results, according to an analysis of Bloomberg data as of Oct. 13. At the start of 2020, only 14 companies fit the bill.