The Limited Times

Now you can see non-English news...

Disney aims for $5.5 billion in savings, cuts 7,000 jobs

2023-02-08T23:15:09.127Z


Revenues and profit above expectations. Iger: significant transformation (ANSA)


Mickey does not save himself from the cuts.

Walt Disney plans to reduce its workforce by 7,000, or 3 percent of the total, as part of a restructuring plan that aims to realize $5.5 billion in savings over the next five years.

This was announced by the managing director Bob Iger, who has recently returned to the helm of the company.


    Disney is "embarking on a significant transformation" that will result in "sustained growth and profitability in our streaming businesses, positioning us to navigate global economic challenges and deliver results for shareholders," the company says.

Wall Street likes the plan, where stocks rise up to 9% in after-hours trading.

The race is also linked to a quarterly above expectations, with profit and revenues on the rise.

Revenue climbed 8% to $23.5 billion, while profit increased to $1.28 billion.

For Disney+, the quarter recorded a loss of 2.4 million subscribers out of a total of 161.8 million.

Overall, the streaming division generated $5.3 billion in revenue, up 13%.


    For Iger, these are satisfactory results in the battle started by active investor Nelson Peltz, who wants a seat on the company's board of directors and is calling for a reorganization for the relaunch.


Source: ansa

All life articles on 2023-02-08

You may like

Life/Entertain 2024-01-30T14:18:46.346Z
News/Politics 2024-02-23T12:14:38.754Z
News/Politics 2024-02-23T06:51:41.840Z
News/Politics 2024-03-26T06:45:31.926Z

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.