Disney Stock Jumps As Iger Plans 7,000 Job Cuts In Return To Earnings Stage
View Source | February 8, 2023 8:39 pm
- “This reorganization will result in a more cost-effective, coordinated, and streamlined approach to our operations, and we are committed to running our businesses more efficiently, especially in a challenging economic environment,” Iger said in a conference call with analysts late Wednesday.
- “While this is necessary to address the challenges we’re facing today, I do not make this decision lightly.”
- “First, reductions to our non-content costs will total roughly $2.5 billion, not adjusted for inflation; $1 billion in savings is already underway,” he added, in targeting a return to profitability by the end of 2024.
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