The tech world is preparing for a rough patch of declining sales and revenues, with companies left and right cutting jobs as a cost-cutting measure.
Twitter, Facebook’s parent company Meta, Amazon, Google and Microsoft have all announced layoffs, and now Disney and Yahoo are doing the same.
Disney CEO Robert Iger has revealed that he will cut 7,000 jobs as part of a “major transformation.” Meanwhile, Yahoo will cut his 20% of its workforce, or about 1,700.
Disney employs 220,000 people, 166,000 of whom are in the United States and 54,000 abroad. Iger said it will explore “all aspects of the streaming business” and work to “proactively curate general entertainment content,” including a general re-evaluation of local and global content.
Strong growth in theme parks offset lukewarm results in the entertainment company’s video streaming business, according to financial reports.
Speaking of Yahoo, almost half of the job cuts will be in its underperforming ad tech unit. The department has not lived up to expectations, the company confirmed to his CBS. The move “simplifies and strengthens our advertising business in the long term while enabling Yahoo to deliver better value to our customers and partners,” the statement added.
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