Disney CEO Bob Iger dropped a bombshell on the company’s earnings call for the first quarter, revealing thousands of jobs will be cut.
Related: Disney Announces Brand-New ‘Avatar’ Experience Coming to Parks
While there’s plenty of Disney news at all times, a few days are as crucial as when Disney holds its earnings call. The Q1 call was held Wednesday and detailed plenty of major changes for The Walt Disney Company.
On Wednesday’s Q1 earnings call, Walt Disney Company CEO Bob Iger stated that Disney would be cutting its workforce by 7,000 jobs. This is a whopping number, especially when considering the profits The Walt Disney Company posted mere moments ago.
The full quote can be found below, as shared by reporter Scott Gustin (@ScottGustin):
Here is the full quote/context about layoffs at Disney: pic.twitter.com/BwiUjHl5ui
— Scott Gustin (@ScottGustin) February 8, 2023
Related: Fans Abandoning Ship, Disney+ Loses Subscribers For First Time Ever
The Walt Disney Company shared its ginormous profits, posting an increase of 35% on the Parks side of things. This translated into $2.1 billion from Disney’s collection of Parks alone.
Disney CEO Bob Iger also revealed several other bombshells during the call, stating that we would be getting sequels to several beloved Disney franchises like Frozen, Toy Story, and Zootopia, as well as revealing that plans are being made to bring Pandora – The World of Avatar to the Disneyland Resort in Anaheim, California. The Disneyland Resort is about to welcome its own version of Mickey & Minnie’s Runaway Railway on March 4, 2023, a ride that first opened at Disney’s Hollywood Studios in Walt Disney World.
On the East Coast side of things, there are plenty of exciting things to look forward to, most notably with Magic Kingdom’s upcoming new ride, TRON Lightcycle/Run. The new roller coaster will open on April 4, 2023, in Tomorrowland at the Magic Kingdom.
This is a developing story, stay tuned here at Inside the Magic for more details as they become available.