Disney makes hundreds more layoffs as it cuts costs
Summary
Disney is laying off several hundred more workers worldwide in its film, television, and finance departments to cut costs. This follows larger layoffs earlier in 2023, and part of an effort to save money as viewers move to streaming services. Despite the job cuts, Disney reports strong earnings, partly due to increased subscribers to Disney+ and successful new film releases.Key Facts
- Disney is laying off hundreds of workers in its film, television, and finance departments.
- The layoffs are part of cost-cutting plans to adapt to more people using streaming services instead of cable TV.
- Earlier in 2023, Disney announced layoffs of about 7,000 employees.
- The company aims to save $5.5 billion under CEO Bob Iger's plan.
- No entire teams will be shut down due to these layoffs, according to Disney.
- Disney has 233,000 employees around the world, and over 60,000 work outside the U.S.
- The firm reported $23.6 billion in revenue for the first quarter of the year, a 7% rise from the same period in 2024.
- Recent successful movie releases contributed to Disney's strong earnings.
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