Disney reportedly freezes hiring and expects some layoffs
Disney CEO Bob Chapek has told division leads in a letter that the company is implementing cost cutting measures in part to help it"achieve the important goal of reaching profitability for Disney+ in fiscal 2024." Based on the internal memo obtained by, Disney is planning to limit additions to its workforce through a targeted hiring freeze. It will still welcome new people for the"most critical, business-driving positions," but all other roles are on hold for now.
Chapek's letter comes after Disney reported less-than-stellar earnings for the previous quarter. While12.1 million new subscribers for the company's fourth fiscal quarter ending on October 1st, the company's operating loss for streaming jumped from $0.8 billion to $1.5 billion. The company expects its losses to taper off going forward, thanks to its streaming services' price hikes and the launch of an ad-supported tier on Disney+.
Disney is but one of the many companies imposing a hiring freeze due to the economic downturn. When Meta chief Mark Zuckerberg announced that the Facebook parent company is laying off 11,000 employees, he also said that it's
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