Global economic conditions have impacted every sector of business. Similar is the case with tech companies. There is a huge decline in sales and income. Some major companies have taken the steps to reduce their costs. Among several other strategies, one of the most commonly used by tech companies revolves around cutting jobs.
Several companies like Amazon, Google, Meta, Twitter, and Microsoft have announced job cuts. Just following their footsteps now two more companies are ready to announce the layoffs. Reportedly, Disney and Yahoo are next in line to announce the job cuts.
Robert Iger, CEO of Disney, unveiled that the company is going to lay off around 7,000 individuals as part of a significant change. On the other hand, Yahoo announced that it will cut 20% of jobs. It accounts for around 1,700 people. Where 1,000 candidates will leave the company as early as next week.
The company Disney has around 220,000 people. Of these 166,000 are in the US and 54,000 are international. The CEO unveiled that the company has researched every corner and space of the streaming business. He added that the company will continue to work and provide the best entertainment content. He stated that Disney will reconsider the local and global content in general. In addition to this, the financial report of Disney suggests that the solid growth of theme parks coped to counterbalance the tepid performance in the video streaming business.
On the other hand, Yahoo will make half layoffs in the unprofitable business and tech unit. The company declares that the division has not worked up to the expected level. The statement by the company indicates that this recent step will help the company to streamline and reinforce the advertising business in the long run. It will aid the company to provide better services to consumers as well as partners.