Saudi Press

Saudi Arabia and the world
Thursday, Oct 02, 2025

Disney to axe 7,000 jobs in bid to cut costs

Disney to axe 7,000 jobs in bid to cut costs

In his first set of results since Disney chief executive Bob Iger came out of retirement - and dethroned his appointee - a billion dollar restructuring is announced, ceding to investor pressure over spending.

Around 7,000 jobs are to go at Disney - about 3.6% of the workforce - as a multi-billion dollar cost saving restructuring was announced by chief executive Bob Iger in his battle to improve the company's finances.

It was Mr Iger's first quarterly results announcement since he retook control of the entertainment giant in late November following a shareholder backlash over its performance.

He revealed plans to save $5.5bn in costs under a "significant transformation" to improve profitability at the company's streaming business, which lost more than $1bn in the October-December quarter as Disney+ subscriptions fell.

An earlier $1.5bn quarterly group loss led to the departure late last year of Iger appointee, Bob Chapek.

Mr Iger, who had stepped down from the top job in 2020, told investors on Wednesday night: "This reorganisation will result in a more cost-effective, coordinated approach to our operations.

"We are committed to running efficiently, especially in a challenging environment."

At the same time he revealed plans for sequels of some of the company's biggest animated franchises such as Toy Story, Frozen and Zootopia.


While group net profits came in at $1.8bn, subscribers of the Disney+ streaming service dropped by 2.4 million, the first decline since the platform was launched, but revenues were still up and better than Wall Street forecasts as theme parks brought in operating profit of $3.1bn during the quarter.

Despite the cost of living crisis the theme park profit is a 25% increase from a year earlier, helped by strong attendance over Christmas.

As seen more generally in the streaming industry, Disney+ subscriptions fell: by the end of last year there were 161.8 million people paying to access the Disney+ service - down from 164.2 million on 1 October, Disney said in its results announcement for the first three months of its 2023 financial year.

The fall came as the cost of a monthly ad-free subscription was upped from $7.99 (£6.61) to $10.99 (£9.10) in December.

Despite the Disney+ drop and losses, revenues overall came in ahead of analyst estimates at $23.51bn (£19.47bn).

Mr Iger said streaming remained Disney's top priority. He said the company would "focus even more on our core brands and franchises" and "aggressively curate our general entertainment content".

He also said he would ask the company's board to restore the shareholder dividend by year end.

Chief Financial Officer Christine McCarthy said the initial dividend would likely be a "small fraction" of the pre-COVID level with a plan to increase it over time.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
New Eye Drops Show Promise in Replacing Reading Glasses for Presbyopia
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
Top AI Researchers Are Heading Back to China as U.S. Struggles to Keep Pace
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Trump and Starmer Clash Over UK Recognition of Palestinian State Amid State Visit
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Sam Altman sells the 'Wedding Estate' in Hawaii for 49 million dollars
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Did the Houthis disrupt the internet in the Middle East? Submarine cables cut in the Red Sea
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
×