Disney Shares Slightly Up as it Started First Round of Layoffs
<p><a href='https://financialmodelingprep.com/financial-summary/DIS'>Disney (NYSE:DIS)</a> shares rose around 2% on Monday following reports that the company has initiated the first phase of its previously announced plan to cut 7,000 jobs in an effort to streamline its operations and reduce costs. </p>
<p>While ESPN is reportedly unaffected by the initial round of layoffs, several major divisions, including Disney Parks, Disney Entertainment, Experiences and Products, and corporate, will be impacted. According to a letter from Disney Chief Executive Bob Iger, the affected employees will be notified in the next four days, with a larger round of cuts scheduled for April and the final phase beginning before summer. The company aims to save $5.5 billion in costs and turn its loss-making streaming business profitable through these measures.</p>
NYSE:DIS