Disney (NYSE:DIS) layoffs are a hot topic among traders on Wednesday as the entertainment company prepares a new round of job cuts.
According to recent reports, Disney is planning to cut thousands of jobs after completing its restructuring. Sources claim that this includes a 15% reduction in headcount at the company’s entertainment division.
Disney Entertainment handles several bits of the company’s business outside of its theme parks. That includes streaming, film and television production, as well as distribution. It’s worth mentioning that Disney just cut 7,000 jobs back in February as well.
Outside of that, sources claim that workers across operations around the world will also be included in the Disney layoffs. Insiders claim that affected employees will be notified about the job cuts by April 24.
What’s Behind the Disney Layoffs?
Disney, like many large companies, has been dealing with the ongoing effect of inflation. That includes rising interest rates and reduced consumer spending. That is one of the factors that has likely led to today’s Disney layoffs news.
These layoffs also come after Disney’s prior CEO, Bob Iger, returned to lead the company. Iger took the reigns to train up a new replacement after the company’s streaming business incurred a $1.47 billion loss.
DIS stock is down 2.3% as of Wednesday morning but still up 10.8% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.