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Disney Job Cuts: The crisis of recession is now gradually deepening. Fearing this, companies are continuously laying off. Everyday one or the other company is throwing people out of their jobs. Entertainment giant Disney also announced the removal of its employees from its job on Wednesday. Company CEO Bob Iger said that I do not take this decision lightly. I have great respect and admiration for the talent and dedication of our employees around the world. He is laying off 7,000 employees at once for the first time. Let us tell that he was asked to lead the company only at the end of 2020.
What does the company’s report say?
According to its 2021-22 annual report, the group employed 190,000 people worldwide as of October 2 of that year, of whom 80 per cent were full-time employees. The Walt Disney-founded company also said its streaming service saw a first-time decline in subscribers last quarter as consumers cut spending. Subscribers to Netflix’s streaming archive Disney fell one percent to 168.1 million subscribers as of December 31, compared with three months earlier. Analysts had largely expected a decline, and Disney share price was eight percent higher in post-session trading. Investors were reassured by Disney’s lower-than-expected operating loss for its streaming platform in the October to December period. Disney Group saw revenue of $23.5 billion for the three-month period, which was better than analysts expected.
The company is working on Plan-B
Iger, who stepped down as CEO in 2020 after steering the company for nearly two decades, was brought back after the board of directors ousted his replacement, Bob Chapek. Disappointed with his ability to rein in costs. Iger’s new term as CEO is facing major headwinds, including a campaign by activist investor Nelson Petz to seek major cost-cutting after Disney overpaid to buy 20th Century Fox film studios. is demanding. Let me tell you, the company is now working on Plan B. According to the company, it is in the process of restructuring again. So that the expenses and earnings can be taken to the earlier level.
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