The face bad of Mickey Mouse: 3% staff cuts
Walt Disney intends to reduce its workforce by 7,000, 3% of the total. The operation announced by CEO Bob Iger it’s part of a restructuring plan that aims to realize $5.5 billion in savings over the next five years.
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 wildly popular brand says.
Positive reactions of Wall Street, where stocks climb up to 9% in trading after hours. 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%. A success for the new governance (Iger has recently returned to the helm) in which Nelson Peltzasks for a seat on the board and a reorganization aimed at relaunching.
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