Disney lays off 7,000 employees amid decline in streaming subscribers
text_fields
San Francisco: Entertainment giant Disney will reportedly lay off 7,000 employees, adding to the widening pool of job loss in IT sector over the past several months.
The decision comes after CEO Bob Iger returned to lead the company late last year.
Iger reportedly said he had “enormous respect and appreciation for the talent and dedication of our employees worldwide”.
The company’s annual report for 2021 said 80 percent of its 190,000 people employed worldwide as of October 2 of the year were on full-time basis.
The company founded by well-known Walt Disney earlier reported fall in subscribers last quarter.
Subscribers to Disney+ reportedly came down one percent to 168.1 million customers on December 31 in comparison with the numbers three months previously, according to NDTV.
The decline was happening, according to the report, along the predicted lines; however, the Disney share price remained eight percent higher in post-session trading.
After nearly two decades of leading the company, Iger stepped down as CEO in 2020 and returned as the board of directors showed door to his replacement Bob Chapek.
Disney’s decision to lay off employees come months after Twitter started showing doors to nearly 50 per cent workers and in more recently Amazon’s layoffs reportedly will affect more than 18,000 workers.