Bob Iger announced Walt Disney Co. will shed 7,000 jobs as part of a broader effort to save $5.5 billion in costs.
Bob Iger, in his first earnings call since returning to the company, announced Walt Disney Co. will shed 7,000 jobs as part of a broader effort to save $5.5 billion in costs.
The company’s marquee streaming service Disney+ lost 2.4 million subscribers during the first quarter, bringing its total count to 161.8 million, mainly stemming from declines in its Disney+Hotstar product in India. The service gained subscribers elsewhere, adding 1.4 million subscribers in the U.S. and internationally, not including Hotstar.Overall, Disney’s streaming apps — Disney+, Hulu and ESPN+ — have 235 million subscribers.
The earnings were released after markets closed. Disney’s stock rose 2% in after hours trading after closing at $111.78 a share.
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