Disney CEO Announces Layoffs, Fires 7,000 Employees

In another major layoff, Disney fired approximately 7,000 employees, on February 8. Disney CEO Bob Iger announced the mass layoff to cut costs, confirmed sources. The move was "necessary to address the challenges we're facing today," said Bob. Its current forecasts indicate Disney+ will hit profitability by the end of fiscal 2024. Moreover, Disney's direct-to-consumer division, which includes its streaming services, saw a 13% increase in revenue to $5.3 billion.