Disney and Yahoo are also cutting jobs as a cost-saving measure
The tech world is getting hit with a decline in sales and income, and companies left, and right are cutting jobs as a cost-saving measure.
Twitter, Facebook’s parent company Meta, Amazon, Google, and Microsoft all announced layoff measures, and now Disney and Yahoo also issued a similar announcement.
Disney’s CEO Robert Iger revealed 7,000 people would be cut as part of a “significant transformation”, while Yahoo will cut 20% of its workforce, which is about 1,700 people - of them, 1,000 will part ways as early as next week.
Disney employs 220,000 people, 166,000 in the United States and 54,000 internationally. Iger revealed he looked into “every facet of the streaming business” and will work on “aggressively curate the general entertainment content”, including reassessing local and global content in general.
Financial reports revealed the theme parks’ solid growth managed to offset the tepid performance in the video streaming business for the entertainment company.
Speaking of Yahoo, almost half of the job cuts will be in the unprofitable business ad tech unit. The division failed to deliver expectations, the company confirmed with CBS. The move would “simplify and strengthen the advertising business for the long run while enabling Yahoo to deliver better value to customers and partners”, the statement added.
