Disney CEO Bob Iger held his first earnings call since returning, and despite this being the company’s 100th anniversary celebration year, he announced he was cutting $5.5 billion in costs, including laying off 4 per cent of Disney staff globally, reports Skift.
More than half of the cost cutting is allocated to the ‘content’ side of the Disney business, still leaving $2.5 billion in cost cutting to come from the ‘non-content’ business, which includes the parks and resorts and cruise line.
However, Iger said he is “very, very bullish” about Disney resorts, and pointed to strong demand. The division “reported an increase of 21 percent year over year to $8.7 billion,” attributed in part to increased park attendance and the rebounding of the cruise line.
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