An American multinational, mass media and entertainment conglomerate, Disney will layoff 7,000 employees to make business more profitable. The layoffs represent an estimated 3.6% of the company’s global workforce.
The effort of the company is to save $5.5 billion in costs and make its streaming business profitable. The company shifts its focus to its core brands and franchises.
“After a solid first quarter, we are embarking on a significant transformation, one that will maximize the potential of our world-class creative teams and our unparalleled brands and franchises,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company.
“We believe the work we are doing to reshape our company around creativity, while reducing expenses, will lead to sustained growth and profitability for our streaming business, better position us to weather future disruption and global economic challenges, and deliver value for our shareholders”, Robert A. Iger added.
According to reports, Disney’s third restructuring in five years marks a new chapter under the leadership of Chief Executive Officer Robert A. Iger.
eBay plans to layoff 500 jobs in the latest round
An American multinational e-commerce company, eBay, announced to layoff 500 employees, which is a nearly 4% reduction in its workforce. The company is working on cut costs “with considerations of the [global] macroeconomic situation.”
The major companies that laid off employees include Amazon, Google, Microsoft, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
Recently, Zoom also announced to sack 1300 employees or roughly 15 percent of the company’s workforce. Additionally, the Zoom CEO’s salary is to be reduced by 98%.
Earlier in November, Amazon announced that will be layoff 10,000 employees. However, the company further added 8,000 employees, and the total layoffs were announced as 18,000 employees.
On the other hand, Google sacked roughly 12,000 staff. Microsoft and Salesforce laid off 10,000 and 7,000, respectively.