The tech world is being hit by declining sales and revenues, and companies left and right are cutting jobs as a cost-saving measure.
Twitter, Facebook’s parent company Meta, Amazon, Google and Microsoft have all announced layoff measures, and now Disney and Yahoo have also released a similar announcement.
Disney CEO Robert Iger has revealed that 7,000 people would be cut as part of a “significant transformation,” while Yahoo will cut 20% of its workforce, which is about 1,700 people, of which 1,000 will already be separated from the next week.
Disney employs 220,000 people, 166,000 in the United States and 54,000 internationally. Iger revealed that he has looked into “every aspect of the streaming business” and will be working on “aggressively curating general entertainment content,” including re-evaluating local and global content in general.
Financial reports revealed that solid growth in theme parks managed to offset tepid performance in the entertainment company’s video streaming business.
Speaking of Yahoo, nearly half of the job cuts will be in the unprofitable corporate advertising unit. The division failed to meet expectations, the company confirmed with CBS. The move “would simplify and strengthen the advertising business in the long run, enabling Yahoo to deliver better value to customers and partners,” the statement added.
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