Walt Disney (DIS) Plans To Cut 7,000 Jobs In Restructuring - Bloomberg
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Disney Q1 results beat estimates as theme parks business shines; announces 7,000 job cuts
February 8, 2023 4:28 PM EST(Updated - February 9, 2023 5:02 AM EST)
By Yasin Ebrahim, Geoffrey Smith, and Senad Karaahmetovic
Investing.com -- Walt Disney (NYSE: DIS) became the latest big employer to cut thousands of jobs, as returning CEO Bob Iger moved to ease pressure from shareholders unhappy at the cost of its move into streaming
The entertainment giant is looking to cut $5.5 billion in cost savings by bringing its original content businesses under one roof, alongside ESPN sports networks business and its theme parks.
Disney stock rose over 6% in after-hours trading on Wednesday after Iger announced the... More
Disney to cut 7,000 jobs in major revamp by CEO Iger
February 8, 2023 4:14 PM ESTBy Dawn Chmielewski and Lisa Richwine
LOS ANGELES (Reuters) - Walt Disney Co on Wednesday announced a sweeping restructuring under recently reinstated CEO Bob Iger, cutting 7,000 jobs as part of an effort to save $5.5 billion in costs and make its streaming business profitable.
The layoffs represent an estimated 3.6% of Disney's global workforce.
Shares of Disney rose 4.7% to $117.22 in after-hours trading.
The steps, including a promise to reinstate a dividend for shareholders, addressed some of the criticism from activist investor Nelson Peltz that the Mouse House was overspending on streaming.
"We are pleased that Disney is... More
Walt Disney (DIS) Tops Q1 EPS by 20c
February 8, 2023 4:05 PM ESTWalt Disney (NYSE: DIS) reported Q1 EPS of $0.99, $0.20 better than the analyst estimate of $0.79. Revenue for the quarter came in at $23.51 billion versus the consensus estimate of $23.43 billion.
For earnings history and earnings-related data on Walt Disney (DIS) click here.
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