Disney to reportedly cut more than 2,500 jobs in third wave of layoffs
The axe is about to swing again at Disney as employees brace for a third wave of layoffs this week.
Workers will be notified this week if they’ll be getting pink slips, according to a report from CNN.
More than 2,500 staffers are expected to lose their jobs, following two previous rounds of cuts in March and April, meant to help the company restructure and focus on stemming its losses in its streaming division.
Those two rounds eliminated 4,000 jobs, including at ESPN, Disney’s entertainment unit, Disney parks and its Experiences and Product division.
The cuts are part of Disney CEO Bob Iger’s plan to save $5.5 billion in costs, which would include axing 7,000 jobs in three waves before the start of summer.
The final wave of layoffs taking place this week is expected to bring the total number of job cuts to more than 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.
Earlier this month, Disney said 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.