Disney to cut over 2,500 jobs in third wave of layoffs
Disney is set to implement its third wave of layoffs this week, with more than 2,500 staffers expected to lose their jobs. The cuts are part of the company’s CEO Bob Iger’s plan to save $5.5 billion in costs, which led to two previous rounds of cuts in March and April. Those cuts eliminated 4,000 jobs, including positions at ESPN, Disney’s entertainment unit, Disney parks and its Experiences and Product division. The latest layoff wave is expected to bring the total number of job cuts to more than 6,500. The company’s workforce as of October 1 was 220,000, making the reduction about 3% of its global workforce.
Disney has been restructuring its business to focus on stemming losses in its streaming division. The company recently announced that it reduced streaming losses by $400 million from the prior quarter. During the second quarter, Disney’s earnings per share came in at 93 cents, meeting Wall Street’s expectations. Revenue hit $21.82 billion, slightly above analyst projections of $21.79 billion.
FAQs:
Why is Disney implementing layoffs?
Disney is laying off employees as part of its CEO Bob Iger’s plan to save $5.5 billion in costs. The company has been restructuring its business to focus on stemming losses in its streaming division.
How many job cuts have there been so far?
There have been two previous rounds of cuts in March and April, which eliminated 4,000 jobs. The latest layoff wave is expected to bring the total number of job cuts to more than 6,500.
How many employees does Disney have?
As of October 1, Disney had 220,000 workers.
What percentage of Disney’s workforce will be affected by the layoffs?
The 7,000-person reduction is about 3% of Disney’s global workforce.
How has Disney’s financial performance been impacted by the pandemic?
Disney’s financial performance has been impacted by the pandemic, particularly in its streaming division. However, the company recently announced that it reduced streaming losses by $400 million from the prior quarter. During the second quarter, earnings per share came in at 93 cents, meeting Wall Street’s expectations. Revenue hit $21.82 billion, slightly above analyst projections of $21.79 billion.

Third Wave of Layoffs: Over 2,500 Jobs to be Cut by Disney
Disney is preparing for a third wave of layoffs that is set to impact more than 2,500 workers, according to a report from CNN. This announcement comes after two previous rounds of cuts in March and April, which eliminated 4,000 jobs, including at ESPN, Disney’s entertainment unit, and its Experiences and Product division.
These cuts are part of Bob Iger’s plan to save $5.5 billion in costs, which would result in the axing of 7,000 jobs in three waves before the start of summer. This week’s final wave of layoffs is expected to bring the total number of job cuts to over 6,500. As of October 1, Disney had 220,000 workers–making the 7,000-person reduction about 3% of its global workforce, the company said.
CEO Bob Iger’s cost-saving plan is aimed at helping Disney restructure and focus on stemming its losses in its streaming division. Earlier this month, Disney announced that it had reduced streaming losses by $400 million from the prior quarter. During the second quarter, earnings per share came in at 93 cents, meeting Wall Street’s expectations, while revenue hit $21.82 billion, slightly above analyst projections of $21.79 billion.