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"I do not make this decision lightly," Disney CEO Bob Iger
Disney had 190,000 employees worldwide in 2021

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Entertainment giant Disney lays off 7,000 due to this reason

Name: Entertainment giant Disney lays off 7,000 due to this reason
Uploaded: 2023-02-09T13:05:07.000+05:30
Duration: T00M35S
Channel: AFP
Description: Following U.S tech giants, now Disney to lay off 7,000 employees in an effort to dialing back from a hiring spurt that began during the height of the pandemic

Following U.S tech giants, now Disney to lay off 7,000 employees in an effort to dialing back from a hiring spurt that began during the height of the pandemic

Updated: Sep 02, 2022 10:53

AFP

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Entertainment giant Disney lays off 7,000 due to this reason

Entertainment giant Disney said Wednesday it was laying off 7,000 employees, as CEO Bob Iger announced a reorganization of the company he returned to lead last year.

The job cuts follow similar moves by US tech giants dialing back from a hiring spurt that began during the height of the pandemic.

In its 2021 annual report, the group said it employed 190,000 people worldwide, 80 percent of whom were full-time.

The storied company founded by Walt Disney said its streaming service saw its first ever fall in subscribers last quarter as consumers cut back on spending.

Subscribers to Disney+, the streaming archrival to Netflix, fell one percent to 161.8 million customers on December 31, compared to three months earlier.