- Disney shares surged in extended trading following the announcement and after the company beat Wall Street expectations with earnings per share of $.99, besting analyst’s estimate of $.78.
- The company is the latest in a string of major firms to announce layoffs in the thousands in recent months, following Wall Street titans including Goldman Sachs and tech giants such as Amazon and Google parent Alphabet.
- Disney said it plans to save $5.5 billion in its overhaul, cutting $1.5 billion in operating costs and another $3 billion from reductions in non-sports content — including the job cuts.
