In his first set of results since Disney chief executive Bob Iger came out of retirement - and dethroned his appointee - a billion dollar restructuring is announced, ceding to investor pressure over spending.
Around 7,000 jobs are to go at Disney - about 3.6% of the workforce - as a multi-billion dollar cost saving restructuring was announced by chief executive Bob Iger in his battle to improve the company's finances.of the entertainment giant in late November. A $1.5bn quarterly loss had increased criticism of company finances and unseated the former head of Disney's resorts and theme parks and Iger appointee, Bob Chapek.
Mr Iger said the company is embarking on a"significant transformation" that management believes will lead to improved profitability at the company's streaming business. It comes as the Walt Disney Company results were better than expected - though Disney+ subscriptions fell. The fall came as the cost of a monthly ad-free subscription was upped from $7.99 to $10.99 in December.Despite the Disney+ drop and losses, revenues overall came in ahead of analyst estimates at $23.51bn and up roughly $1.7bn from the $21.82bn recorded a year earlier. Revenue of $23.4bn had been forecast by industry analysts.
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