Indeed.Yes, but this headline is pretty stupid.
Investment reaches lowest level since 2013? Did we forget the company was in basic hibernation and taking huge loans just to keep things liquid? Of course long term investment is going to be paused or reduced during a once in a lifetime pandemic affecting the entire nation.
This just in... water is wet and if you get thrown in a pool... you'll get wet.
The pandemic is not over.
And let me elaborate... the pandemic is not over.
International travel only just restarted. Labor shortages are continuing. Supply chain has slowed down. Cost of energy (and mostly everything else) is rising.
And many states and countries are heading into another COVID wave.
Last quarter was the first time since the first lock down that Disney had all their parks open for the entirety of the quarter.
The expectation that Disney would immediately commit to pre-pandemic levels of capex is staggeringly naive.