Disney to terminate 7,000 employees, but reward shareholders with dividends
By MYBRANDBOOK
.Entertainment giant Disney is laying off 7,000 employees to cut costs.
· As of October 1, Disney employed 220,000 people, of which about 1,66,000 in the United States and 54,000 internationally.
· Disney is embarking on a “significant transformation” that management believes will lead to improved profitability at the company’s streaming business.
· Disney earned $1.28 billion, or 70 cents per share, in the three months through December 31.
· The CEO announced that he intends to ask the board to approve the reinstatement of a modest dividend by the end of this year.
Entertainment giant The Walt Disney Company will cut around 7,000 jobs as part of companywide cost-savings plan and strategic reorganization announced on Wednesday (February 8) by Chief Executive Officer Bob Iger. The job cuts amount to about 3 percent of the entertainment giant’s global workforce and were unveiled after Disney reported quarterly results that topped Wall Street’s forecasts.
The company said the job reductions are part of a targeted $5.5 billion cost savings across the company. As of October 1, Disney employed 220,000 people, of which about 1,66,000 worked in the United States and 54,000 internationally.
In a statement, Iger said Disney is embarking on a “significant transformation” that management believes will lead to improved profitability at the company’s streaming business. The company, which owns Star Wars, Marvel and Pixar, will focus more on its core brands and franchises, Iger said. The executive also announced changes to how executives will operate Disney’s various divisions. Specifically, creative executives will now be responsible for determining what movies, TV series or other content to produce, as well as the marketing and distribution.
“Our new structure is aimed at returning greater authority to our creative leaders and making them accountable for how their content performs financially,” Iger said during a call with Wall Street analysts.
In its latest results, solid growth at Disney’s theme parks helped offset tepid performance in its video streaming and movie business.
Disney said that it earned $1.28 billion, or 70 cents per share, in the three months through December 31. That compares with net income of $1.1 billion, or 60 cents per share, a year earlier.
Disney said sales at its parks, experiences and products segment grew 21% to $8.74 billion, from $7.23 billion a year earlier. While revenue for the segment that includes Disney’s movie business edged up 1% to $14.78 billion from $14.59 billion a year earlier.
Management said on Wednesday that Disney+ plus will achieve profitability by the end of its next fiscal year in September 2024. The latest results marked the first quarterly snapshot since Iger’s return as CEO.
Iger also announced that he intends to ask the board to approve the reinstatement of a modest dividend by the end of this year. The company suspended its dividend in the spring of 2020, in the early days of the pandemic.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
MICROTEK INTERNATIONAL PVT. LTD.
SAMSUNG INDIA ELECTRONICS LTD.
TEJAS NETWORKS INDIA PVT. LTD.
ADITYA INFOTECH LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SHAILENDER KUMAR
Shailender Kumar is senior vice president and regional managing direct...
Icons Of India : NIKHIL RATHI
Co-founder & CEO of Web Werks, a global leader in Data Centers and Clo...
SHAKTIKANTA DAS
Shaktikanta Das is serving as the current & 25th governor of the Reser...
PARTNER SPEAKERS
PSU
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
Indian Tech Talent Excelling The Tech World - Soni Jiandani, Co-Founder- Pensando Systems
Soni Jiandani, Co-Founder of Pensando Systems, is a tech visionary ren...
Indian Tech Talent Excelling The Tech World - Aman Bhutani, CEO, GoDaddy
Aman Bhutani, the self-taught techie and CEO of GoDaddy, oversees a co...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
