Credit: Inside the MagicFollowing the bombshell dropped by CEO Bob Iger earlier this year, Disney is quickly nearing its estimated layoff target.
At The Walt Disney Company’s Q1 earnings call, Disney CEO Bob Iger revealed that the company would be cutting its workforce by 7,000 jobs in the coming months. This is a whopping number, especially when considering the profits The Walt Disney Company posted shortly before this announcement.
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.
The Walt Disney Company is expected to reach 4,000 layoffs by the end of the week, according to the new report. A third and final wave of layoffs will begin this summer at the company, which will bring the total number of layoffs to that 7,000 number.
This move will affect employees company-wide. However, Disney Parks, Experiences, and Products Chairman Josh D’Amaro stated earlier this year that he did not expect the layoffs to affect hourly workers on the front lines at Walt Disney World.
The shakeups at the company will certainly be a major part of Bob Iger’s short tenure back at The Walt Disney Company. Iger agreed to return as CEO last year and will exit the position in 2024. In late 2022, it was revealed that Bob Chapek would be exiting as CEO of the company, with veteran Bob Iger stepping back into the role.
This move shocked many and was the biggest Disney news story of the year by far.
What do you think about these layoffs? Stay tuned here at Inside the Magic for all your Disney news!