The woke entertainment giant is reportedly planning layoffs, a targeted hiring freeze, and travel limitation on its employees.
by multiple news outlets, Disney CEO Bob Chapek said the austerity measures will be “difficult” but necessary.
“Our company has weathered many challenges during our 100-year history, and I have no doubt we will achieve our goals and create a more nimble company better suited to the environment of tomorrow.” It remains unclear how many workers Disney will layoff and which areas of the company they will come from., Disney shares plummeted this week after the company reported fiscal fourth-quarter earnings that fell short of expectations, putting the company’s future profitability into question. Disney revealed that it lost a stunning $1.5 billion on its streaming entertainment services as it seeks to build out Disney+ and Hulu in an effort to compete with Netflix and other competitors.
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