Disney CEO Bob Iger says the company will lay off thousands of employees to “address challenges.”
According to The Verge, Iger shared the news in an earnings call on Wednesday. The CEO wants to save the company $5.5 billion, and the layoffs will help cut costs in a “challenging economic environment.”
Iger took up the role in November 2022 and, despite the cuts, wants to continue working on the company’s streaming services.
“Our priority is the enduring growth and profitability of our streaming business,” Iger said during the call. “Our current forecasts indicate Disney Plus will hit profitability by the end of fiscal 2024, and achieving that remains our goal.”
According to the company’s latest financial report, Disney+ lost 2.4 million subscribers in the last quarter of 2022. However, the platform added 200,000 subscribers in Canada and the U.S., reaching 46.6 million subscribers.