New Delhi, 09 February : In view of the fear of worldwide recession, a round of layoffs is going on in tech companies. Social media sites ranging from Facebook, and Twitter to Google have pulled out employees citing the recession. In this, now San Francisco’s legendary entertainment company Walt Disney has announced to lay off 7,000 of its employees.
In a statement issued by the company, it said that it is laying off 7,000 employees. The announcement to pull out the employees was made by Walt Disney Chief Executive Officer (CEO) Bob Iger on Wednesday. After the company’s quarterly results, he said that I do not take this decision lightly. Iger took over the reins of the company only last year. It is believed that after the decrease in the user base, the company has decided to lay off employees to reduce expenses.
Walt Disney Company’s video streaming service Disney Hotstar lost 3.8 million paid subscribers in the quarter ending December 31, 2022. According to Disney’s 2021 annual report, it has 1,90,000 employees worldwide, of which 80 percent are full-time. After this layoff, Walt Disney’s total workforce will decrease by 3.6 percent, while the company is expected to save $ 5.5 billion annually.
